CoStar Group Inc (NASDAQ:CSGP) announced its Q3 results, posting an EPS of $0.30 and revenues of $625 million (up 12% year-over-year), in line with consensus estimates. However, shares dropped more than 9% after-hours as the company’s guidance came in worse than expected.
According to CEO Andy Florance, the company delivered strong results this quarter on its two principal fronts. First, their commercial information and marketplace businesses saw a 14% year-over-year revenue growth, nearing 40% margins. “On the second front, we are investing aggressively, but prudently, in Homes.com with the goal of unlocking the enormous potential of becoming the leading, successful U.S. residential real estate portal,” added Florance.
The company expects Q4/23 EPS in the range of $0.31-$0.32, compared to the consensus of $0.35, and revenues of $630-$635M, compared to the consensus of $644.5M.
For the full year, the company sees EPS at $1.21-$1.22, compared to the consensus of $1.24, and revenues at $2.445-$2.45 billion, compared to the consensus of $2.461B.