CoStar Q2 Results Make a Mockery of the Pandemic

CoStar yesterday announced its Q2 results in a conference call with shareholders who must have very pleased with what they heard. The US commercial real estate data and listings company revealed that its quarterly profits were $60.4 million with revenue of $397 million and that adjusted earnings were $2.34 per share beating Wall St predictions.

CoStar specializes in providing data on commercial real estate to its clients and recently expanded its offering by agreeing to buy the commercial real estate portal Ten-X as well as digital marketing company RentPath. While Q2 has seen some friction between CoStar and its customers as it initially denied requests for discounts at the outset of the pandemic and was then accused of competing with brokerages, the Washington based firm has had a very solid quarter which has seen its share price rebound from March lows in a few short months.