Shares of CoStar Group (NASDAQ: CSGP) shot up as much as 16.1% this week, according to data from S&P Global Market Intelligence. The real estate marketplaces and analytics owner put up solid Q3 results and raised its full-year 2022 guidance. As of 2:37 p.m. EST on Friday, Oct. 28, the stock is up 16% this week.

On Oct. 25, CoStar released its earnings for the three months ending in September. Revenue was up 12% year over year to $557 million, slightly beating analyst expectations heading into the report. More importantly, full-year guidance for 2022 was raised by $5 million to a range of $2.175 billion to $2.18 billion. While only a small bump, this raise shows that CoStar's management team is confident in its businesses even as the United States heads into a housing slowdown with rising interest rates.

CoStar Group owns multiple online real estate brands, the most important being Apartments.com, LoopNet, and CoStar itself. Currently, Apartments.com is executing well, as more and more renters are using its online marketplace to find an apartment to rent. Revenue growth for the platform was 11% in Q3, and management expects this growth to accelerate to 16% year over year in the fourth quarter.

Continue reading

Source Fool.com