WASHINGTON - CoStar Group , Inc. (NASDAQ:CSGP) reported third quarter earnings that beat analyst estimates, but shares fell 3.7% in after-hours trading as the company's fourth quarter guidance came in below expectations.
The real estate information and analytics provider posted adjusted earnings per share of $0.22 for Q3, surpassing the consensus estimate of $0.16. Revenue grew 11% YoY to $693 million, slightly below analyst projections of $695.94 million.
"We achieved another strong quarter of results with our 54th consecutive quarter of double-digit revenue growth," said Andy Florance, Founder and CEO of CoStar Group. He noted that the company's two billion-dollar run rate businesses, Apartments.com and CoStar, continue to deliver double-digit revenue growth.
However, CoStar's outlook for the fourth quarter fell short of Wall Street forecasts. The company expects Q4 adjusted EPS of $0.21-$0.23, below the $0.24 consensus. Q4 revenue guidance of $693-703 million also missed analyst expectations of $713.9 million.
For the full year 2024, CoStar raised its adjusted EBITDA guidance to a range of $205-215 million, up 5% at the midpoint from its previous forecast.
The company highlighted strong traffic growth, with average monthly unique visitors increasing 28% YoY to 163 million in Q3. CoStar's marketing investments continued to drive results, particularly for its Homes.com platform.
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