co-starring group Annual revenue increased 12% during the period Third quarter of 2023 marked 50th We’ve had consecutive quarters of double-digit revenue growth. The company reported revenue of $625 million and net income of $91 million for the quarter, an increase of 25% year over year.
“We have diversified our revenue across counter-cyclical markets, including: loop net and apartments.com,” CoStar founder and CEO Andy Florence said during the company’s Q3 2023 earnings call with investors and analysts Tuesday night. “We remain committed to building a subscription-only revenue portfolio across our businesses. It is a resilient and steadily growing business.”
Mr. Florence also homes.comAccording to data, the number of monthly unique visitors exceeded 100 million in September, an increase of 1,290% year-over-year. google analytics.
According to Florance, the total traffic for both Homes.com and Apartments.com in September was: realtor.com and red finaccording to its latest earnings release.
“When we acquired Homes.com nearly two years ago, we aimed to provide an agent-friendly site that homebuyers would love,” said Florence. “In September, he surpassed his 100 million monthly unique visitors to Homes.com, which I think is proof that we are achieving that goal.”
With the Sitzer/Barnett class action buyer-broker compensation antitrust case currently the hot topic in the industry, it was no surprise that Florence briefly interrupted the call to talk about the elephant in the room.
Unlike other portals where agents sell buy-side prospects, Florance believes Homes.com will not be “adversely impacted by the end of the buyer-broker commission rule.”
“Whatever the outcome of such a lawsuit, I think we can be successful, but if the plaintiffs prevail, it will leave companies like Homes.com, which are not focused on monetizing buyer agent leads, I think it could create a rapidly changing situation that could be advantageous.” If you’re not within the sphere of influence of that change, you’re better off competing the next day because things can turn upside down. ” Florence said.
Despite his confidence in his company, Florence did not downplay the importance of the lawsuit.
“We may be witnessing the biggest change in the residential real estate industry in recent or long-term history,” Florance said.
CoStar executives said the company expects full-year 2023 sales to be in the range of $2.445 billion to $2.45 billion toward the end of the year, an increase of about 12% from a year ago.
