CoStar Group, the leading provider of commercial real estate information, analytics, and online marketplaces, is having a very strong start to 2021. According to it’s latest earnings report, the company brought in $480 million in revenue during Q2—an increase of 21 percent over revenue of $397 million for Q2 2020.
“We saw incredibly strong performance across all of our businesses in the second quarter, with total revenue and profit ahead of forecast and the total numbers of visitors to our platforms up over 45 percent year-over-year,” said Andrew C. Florance, Founder and CEO of CoStar Group. “CoStar Group net new bookings in the second quarter of 2021 increased 47 percent over the second quarter of 2020 to $51 million. CoStar CRE Suite net new bookings were the strongest in years, up over 900 percent year-over-year and 19 percent quarter-over-quarter in the second quarter.”
Additionally, a press announcement noted that net income for the second quarter of 2021 was $61 million.
The company also gave a hat tip to it’s army of brands, including Apartments.com, which reportedly set new traffic records in Q2 and lead to a 57 percent year-over-year increase in leads to customers.
As for the remainder of 2021, the press release notes that CoStar is increasing its revenue guidance for the full year to a new range of $1.940-$1.950 billion, representing 17 percent year-over-year growth at the midpoint of the range. Revenue for the third quarter of 2021 is expected to be between $495-$500 million, also a 17 percent increase year-over-year.