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It expects revenues between $674 million and $679 million, indicating growth of 12% year over year at the midpoint of the range. Earnings are expected between 9 and 10 cents per share.
For the second quarter, the Zacks Consensus Estimate for revenues is currently pegged at $678.15 million, suggesting growth of 11.92% from the year-ago quarter’s levels.
The consensus mark for earnings has remained unchanged at 9 cents in the past 30 days.
CoStar Group’s earnings beat the Zacks Consensus Estimate in all the trailing four quarters, the average surprise being 18.28%.
Let’s see how things have shaped up for the upcoming announcement.
Factors to Note
CoStar Group’s second-quarter performance is likely to have benefited from a robust portfolio of marketplaces, which includes Apartments.com, LoopNet and Homes.com.
The growing momentum in Apartments.com, driven by increased traffic and higher ad spending, is likely to have aided CoStar’s top-line growth. CSGP has seen robust revenue growth across its major platform, Apartments.com, which achieved a $1-billion annual revenue run rate in first-quarter 2024.
The strengthening international segment and the positive outlook for real estate marketplaces are expected to have bolstered LoopNet’s performance in the quarter under review.
CoStar’s growth trajectory is likely to have been driven by frequent acquisitions. The OnTheMarket buyout is expected to have driven revenue growth in the U.K. residential market.
CoStar’s acquisition of Matterport is expected to have enhanced its real estate offerings significantly in the to-be-reported quarter. By integrating Matterport’s 3D digital twin technology across platforms like Homes.com, Apartments.com and LoopNet, CoStar aims to attract more users, increase engagement and drive higher-quality leads for property listings.
The STR product, a benchmarking tool for the hospitality industry, is expected to have experienced strong revenue growth in the to-be-reported quarter.
CoStar Group’s enhancing residential strategies, with a particular focus on Homes.com, are likely to have boosted the top line during the second quarter.
However, persistent inflation and higher interest rates have been dampening consumer confidence. This, along with a challenging macroeconomic environment, is expected to have hurt CoStar Group’s results in the to-be-reported quarter.
What Our Model Says
Per the Zacks model, the combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. But that is not the case here.
CoStar Group has an Earnings ESP of 0.00% and currently carries a Zacks Rank #3. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Stocks to Consider
Here are some companies worth considering, as our model shows that these have the right combination of elements to beat on earnings in their upcoming releases:
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CoStar Group (CSGP) to Post Q2 Earnings: What's in Store?
CoStar Group (CSGP - Free Report) is slated to report its second-quarter 2024 earnings on Jul 23.
It expects revenues between $674 million and $679 million, indicating growth of 12% year over year at the midpoint of the range. Earnings are expected between 9 and 10 cents per share.
For the second quarter, the Zacks Consensus Estimate for revenues is currently pegged at $678.15 million, suggesting growth of 11.92% from the year-ago quarter’s levels.
The consensus mark for earnings has remained unchanged at 9 cents in the past 30 days.
CoStar Group, Inc. Price and EPS Surprise
CoStar Group, Inc. price-eps-surprise | CoStar Group, Inc. Quote
CoStar Group’s earnings beat the Zacks Consensus Estimate in all the trailing four quarters, the average surprise being 18.28%.
Let’s see how things have shaped up for the upcoming announcement.
Factors to Note
CoStar Group’s second-quarter performance is likely to have benefited from a robust portfolio of marketplaces, which includes Apartments.com, LoopNet and Homes.com.
The growing momentum in Apartments.com, driven by increased traffic and higher ad spending, is likely to have aided CoStar’s top-line growth. CSGP has seen robust revenue growth across its major platform, Apartments.com, which achieved a $1-billion annual revenue run rate in first-quarter 2024.
The strengthening international segment and the positive outlook for real estate marketplaces are expected to have bolstered LoopNet’s performance in the quarter under review.
CoStar’s growth trajectory is likely to have been driven by frequent acquisitions. The OnTheMarket buyout is expected to have driven revenue growth in the U.K. residential market.
CoStar’s acquisition of Matterport is expected to have enhanced its real estate offerings significantly in the to-be-reported quarter. By integrating Matterport’s 3D digital twin technology across platforms like Homes.com, Apartments.com and LoopNet, CoStar aims to attract more users, increase engagement and drive higher-quality leads for property listings.
The STR product, a benchmarking tool for the hospitality industry, is expected to have experienced strong revenue growth in the to-be-reported quarter.
CoStar Group’s enhancing residential strategies, with a particular focus on Homes.com, are likely to have boosted the top line during the second quarter.
However, persistent inflation and higher interest rates have been dampening consumer confidence. This, along with a challenging macroeconomic environment, is expected to have hurt CoStar Group’s results in the to-be-reported quarter.
What Our Model Says
Per the Zacks model, the combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. But that is not the case here.
CoStar Group has an Earnings ESP of 0.00% and currently carries a Zacks Rank #3. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Stocks to Consider
Here are some companies worth considering, as our model shows that these have the right combination of elements to beat on earnings in their upcoming releases:
Arista Networks (ANET - Free Report) has an Earnings ESP of +0.95% and a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.
Arista Networks’ shares have gained 43% year to date. ANET is set to report its second-quarter 2024 results on Jul 30.
Meta Platforms (META - Free Report) has an Earnings ESP of +1.35% and a Zacks Rank of #3 at present.
Meta Platforms’ shares have gained 30.5% year to date. META is set to report its second-quarter 2024 results on Jul 31.
GoDaddy (GDDY - Free Report) has an Earnings ESP of +13.08% and a Zacks Rank #3.
GoDaddy’s shares have gained 35.9% year to date. GDDY is set to report its second-quarter 2024 results on Aug 1.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.