CoStar (NASDAQ:CSGP) stock is falling on Wednesday following the release of the company’s earnings report for the full year of 2022.
The latest earnings report is positive, showing adjusted earnings per share of 38 cents for the fourth quarter. That’s better than the 35 cents per share Wall Street had expected. It’s also an improvement over the 35 cents reported in the same period last year.
The same holds true for the company’s Q4 revenue of $573.34 million. That comes in above the $569 million in revenue analysts had been looking for. Plus, it’s an improvement over the $507 million reported in Q4 2021.
Guidance Hurts CSGP Stock
Unfortunately for CSGP stock shareholders, though, the company’s 2023 outlook isn’t so great. That includes EPS estimates of between $1.06 and $1.09 for the year, which is not looking good next to Wall Street’s EPS estimate of $1.46 for 2023.
The CoStar revenue outlook for 2023 ranges between $2.46 billion and $2.48 billion as well. That would see the company miss analysts’ revenue estimate of $2.5 billion for the year.
To go along with this, there will evidently be no deal between CoStar and News Corp (NASDAQ:NWSA) for Move, the parent company of Realtor.com. The two companies were previously discussing CoStar potentially buying Move.
CSGP stock is down 11.1% as of Wednesday morning.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
