After a long four straight quarters in which CoStar’s profit dropped, the real estate data giant said it generated $74 million in first-quarter net income.
The firm’s profit machine is back in action with a profit of $36 million.
The CoStar CEO Andy Florence said, “CoStar started the year strong with revenues and profits that both beat the company’s expectations and also CoStar generated $458 million in first-quarter revenue up to 18 percent.
The firm worldwide produced $52 million in net new bookings during the first quarter, a 10 percent year-over-year jump. LoopNet ad revenue grew 50 percent during the first quarter, while Apartments.com ad revenue covered 21 percent.
Andy also spoke as a part of its push into the residential sector; CoStar recently acquired Homesnap for $250 million. The app and technology provider, which caters to residential real estate agents, saw pro forma revenue grow 40 percent during the first quarter.
The firm is also planning to launch a product that can make $300 million in annual revenue. Also, the rental platforms Apartment.com is on track to make $660 million in annual rate revenue.