CoStar Group, Inc.'s recent earnings report for the first quarter revealed a decrease in profits compared to the previous year, however, it exceeded the expectations of Wall Street analysts. The leading real estate data company reported a profit of $6.7 million or $0.02 per share, a dip from last year's first quarter earnings of $87.1 million or $0.21 per share.
However, when excluding certain factors, the adjusted earnings of the CoStar Group, Inc was reported to be $41.7 million or $0.10 per share for the specified quarter. In contrast, the average prediction from analysts, as per data collected by Thomson Reuters, anticipated the company to generate earnings of $0.07 per share, typically leaving out unique items from their forecasts.
On the revenues front, the company saw a 12.3% increase for the quarter, with total earnings amounting to $656.4 million, a jump from $584.4 million in the previous year. The GAAP results overview for the CoStar Group, Inc showed a first quarter net profit of $6.7 million, compared to $87.1 million last year, a per-share earnings of $0.02 versus $0.21 from the previous year, and a revenue jump to $656.4 million versus $584.4 million from last year.
