Why Shares of CoStar Rose Today

Shares of the online real estate company CoStar Group (NASDAQ: CSGP) rose roughly 14.8% today after the company reported strong earnings results for the second quarter of the year.

CoStar reported $83 million of profit in the second quarter on total revenue of $536 million, both numbers that topped analyst expectations for the quarter.

"We delivered outstanding results in the second quarter of 2022," CoStar's CEO Andrew C. Florance said in a statement. "With net new bookings of $84 million we easily surpassed the record sales results we set in the first quarter of this year. Our top three products, CoStar, Apartments.com and LoopNet, all achieved high double-digit sales increases over the second quarter of 2021."

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Source Fool.com