Business
CoStar Group Second Quarter 2023 Revenue Increased 13% Year-over-Year and Net New Bookings Were $82 Million. CoStar Group Reaches 105 Million Monthly Visitors.
WASHINGTON--(BUSINESS WIRE)-- CoStar Group, Inc. (NASDAQ: CSGP), a leading provider of online real estate marketplaces, information and analytics in the
About this update from Costar Group, Inc.
[{"type":"text","content":"\n \n\n\n WASHINGTON--(BUSINESS WIRE)--\nCoStar Group, Inc. (NASDAQ: CSGP), a leading provider of online real estate marketplaces, information and analytics in the property markets, announced today that revenue for the quarter ended June 30, 2023 was $606 million, 13% over revenue of $536 million for the quarter ended June 30, 2022. Net income was $101 million in the second quarter, an increase of 20% over prior year.\n\n\n“We achieved another great quarter of very strong results in terms of revenue, sales and traffic to our websites,” said Andy Florance, Founder and Chief Executive Officer of CoStar Group. \"Overall revenue grew an impressive 13% year-over-year, with Apartments.com revenue growth accelerating to 23% in the second quarter. Our sales team delivered $82 million net new bookings, which is the second highest quarter in our company's history. The Apartments.com team produced record results for the third quarter in a row, with net new bookings up 84% over prior year. Achieving these results despite commercial property transactions plummeting 63% in the second quarter, demonstrates the resilience of our platforms,” continued Florance.\n\n\nTraffic to all of CoStar Group’s web sites reached a new high of 105 million unique visitors in June, according to Google Analytics, exceeding 100 million in the second quarter for the first time. Traffic to our residential network in the second quarter was 84 million average monthly unique visitors, according to Google Analytics. Homes.com network traffic grew 130% year over year in June to 38 million monthly unique visitors. “I believe we crossed a monumental milestone in June when our residential network became the second most heavily trafficked residential network. We crossed into third place in the first quarter of this year, surpassing Redfin’s first quarter self-reported traffic and estimated rental site traffic. In the second quarter we moved into second place surpassing Realtor.com’s self-reported traffic for their fiscal third quarter. I’m very encouraged by the progress we are making with our Homes.com strategy, as our traffic growth continues ahead of our initial expectations,” said Florance.\n\n\nCoStar Group’s residential network combines residential rental site and homes for sale site traffic.\n\n\n\n\nYear 2022-2023 Quarterly Results - Unaudited\n\n\n\n\n\n\n\n\n(in m...