CoStar Brought In $2.2B in 2022, a 12 Percent Year-OverYear Growth
By Mark Hallum February 22, 2023 3:58 pm
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CoStar Group — fresh off of failed negotiations to buy Realtor.com from News Corp. — pulled in $2.18 billion in revenue for 2022, a 12 percent year-over-year growth, according to its Wednesday earnings report.
The majority of the growth happened in the fourth quarter, where revenue topped $573 million, a 13 percent growth compared to the $507 million in the fourth quarter of 2021, the firm said. But sales through booking on its platform also brought in a “record” $305 million for the year, an 41 percent increase compared to 2021.
CoStar attributed the revenue increases to hiring additional sales people last year.
“2022 was an outstanding year for CoStar Group,” Andy Florance, CEO of CoStar, said in a statement.
In terms of net income, CoStar said this growth amounts to $369 million for 2022, a 26 percent increase over 2021 during which time the data firm raked in $293 million.
All good news? Perhaps.
But a shadow was cast upon CoStar’s seemingly positive earnings report as a release from Rupert Murdoch’s News Corp. cryptically stated that discussions to offload Move, Inc., the parent company of Realtor.com, to CoStar for a reported $3 billion were at an end.
Why the deal fell through was not made immediately clear by either party.
“News Corp. will continue to actively assess opportunities to support the company’s strategy to optimize the value of its digital real estate services segment and otherwise maximize shareholder value,” News Corp. said in a statement. “News Corp does not intend to make any additional comments regarding this matter unless and until it is appropriate or required to do so.”
Mark Hallum can be reached at mhallum@commercialobserver.com.
