- CoStar Group, Inc (NASDAQ:CSGP) reported Q1 2023 revenues rose 13% Y/Y to $584.4 million, beating the consensus of $579.4 million.
- Apartments.com revenues rose 20% Y/Y and LoopNet revenues grew 16% Y/Y in Q1 2023.
- CSGP witnessed the historically second-highest quarterly net new bookings of $80 million (+17% Y/Y), with an increase in net new bookings in Apartments.com and LoopNet of 110% Y/Y and 100% Y/Y, respectively.
- Adjusted EPS of $0.29 came above the consensus of $0.25.
- Cash flow from operating activities stood at $123.2 million in Q1, and cash and equivalent reached $5.1 billion at the end of the quarter.
- Outlook: For 2023, CSGP raised adjusted EPS guidance to $1.21 – $1.24 (vs the prior range of $1.06 to $1.09, consensus $1.09).
- CSGP now expects revenue of $2.465 billion – $2.48 billion (prior view $2.460 billion – $2.48 billion) against the consensus of $2.47 billion.
- For Q2 2023, CSGP expects revenue of $603 million – $608 million (+13% Y/Y at the midpoint of the range, vs. consensus of $604.4 million), adjusted EPS of $0.29 – $0.30 (vs. consensus of $0.26) and adjusted EBITDA of $118 million – $123 million.
- “Last year we communicated an initial traffic goal of 25 million unique visitors and an intermediate traffic goal of 50 million unique visitors. We are pleased to be crossing our initial goal and making great progress towards that intermediate goal. In March, we reached a new high of 94 million monthly unique visitors in total across Homes.com, Apartments.com, LoopNet, and the rest of our marketplaces,” said Andy Florance, Founder and CEO.
- Price Action: CSGP shares closed lower by 2.50% at $68.50 on Tuesday.
Bitcoin, Ethereum, Dogecoin Rise: Analyst Sees This Week’s Fed Meeting As ‘Ripping Band-Aid Off’ Moment For Apex Crypto
The two largest coins rose at press time as the global cryptocurrency market cap increased 1.7% to $944.8 billion at 8:18 p.m. EDT on Monday.
