CoStar Group, Inc. Stock News

CoStar Group, Inc. (NASDAQ:CSGP ) Q1 2024 Earnings Conference Call April 23, 2024 5:00 PM ET Company Participants Cyndi Eakin - Head of Investor Relations Andrew Florance - Founder and Chief Executive Officer Scott Wheeler - Chief Financial Officer Conference Call Participants Peter Christiansen - Citi George Tong - Goldman Sachs Alexei Gogolev - JPMorgan Ryan Tomasello - KBW Stephen Sheldon - ...

WASHINGTON--(BUSINESS WIRE)--CoStar Group, Inc. (NASDAQ: CSGP), a leading provider of online real estate marketplaces, information and analytics in the property markets, announced today that revenue for the quarter ended March 31, 2024 was $656 million, up 12% over revenue of $584 million for the quarter ended March 31, 2023. Net income was $7 million in the first quarter and net income per dil...

The transaction represents a premium of a whopping 212% over Matterport's last closing share price before the deal was announced on April 22.

Matterport is being acquired by CoStar in a $1.7 billion cash and stock deal. The company not only has an excellent proprietary technology, but also a strong balance sheet.

A hidden gem in the Mid-Atlantic region has plenty to brag about, if it could only muster an bit of braggadocio.

Matterport shares surged almost 180% after it was revealed the spatial data company is being acquired by CoStar Group Inc (NASDAQ:CSGP) to bolster its digital real estate offering. The companies said on Monday that CoStar will acquire Materport in a cash and stock transaction valued at $5.50 per share, representing an enterprise value of $1.6 billion.

The provider of online real estate marketplaces says it will pay $5.50 per share for Matterport.

Shares of Matterport Inc. skyrocketed Monday, after the provider of 3D “digital twins” of real-estate properties agreed to be acquired by online real-estate marketplace CoStar Group Inc. in a deal valued at $1.6 billion.