U.S. real estate portal CoStar Group’s annual revenue has increased by 12% in the last quarter to $213 million over revenue of $189 million in the third quarter of 2015.
"We achieved another strong quarter of profitable revenue growth in the third quarter of 2016," said Andrew C. Florance, Founder and Chief Executive Officer of CoStar Group.
"Our focus on investing in growth and cost management has generated net income and EBITDA through the first nine months of 2016 that is as high or higher than in any other 12 month period in our history.”
Their success is due in part to their recent expansion into multifamily real estate.
“In just two and a half years, we have transformed Apartments.com…In the third quarter of 2016, the site is now number one in visits averaging 21 million visits a month according to comScore and we believe we are number one in annualized revenue we generate in the multifamily space,” said Florance.
CoStar Group is confidenT that their next financial year will be equally successful.
"The Company continued to deliver strong revenue growth and better than expected earnings in the third quarter of 2016," stated Scott T. Wheeler, Chief Financial Officer of CoStar Group.
"With our continued focus on profitable growth, we are again increasing our full-year earnings forecast."
The Company expects revenue of approximately $835 million to $838 million for the full year of 2016. For the fourth quarter of 2016, the Company expects revenue of approximately $216 million to $219 million.