Why the CoStar Group Popped 15.7% This Week
Shares of CoStar Group (NASDAQ: CSGP) popped as much as 15.7% this week, according to data from S&P Global Market Intelligence. The company, which operates real estate platforms CoStar, Apartments.com, and LoopNet, posted solid earnings results for the second quarter. After the market close on Thursday, the stock is up 14.7% this week.
CoStar released its second-quarter earnings report on July 26. Revenue grew 12% year over year to $536 million, slightly beating analyst expectations. Non-GAAP (adjusted) earnings per share (EPS) hit $0.28, beating consensus analyst estimates by 33%. This earnings beat is likely why CoStar's stock rose so much in the days following the results.
Looking deeper into the results, CoStar is seeing strong growth from both Apartments.com and LoopNet. Net new bookings at Apartments.com grew 130% year over year, showing how strong the rental market is right now. LoopNet, which is a commercial property real estate platform, grew bookings 40% year over year as the market continued to recover from the pandemic work-from-home trend.
Source Fool.com
