LLAP - Why Is CoStar (CSGP) Stock Down 11% Today?
InvestorPlace - Stock Market News, Stock Advice & Trading Tips
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 with Q4 adjusted earnings per share of 38 cents. That’s better than the 35 cents per share Wall Street was expecting. It’s also an improvement over the 35 cents per share reported in the same period of the year prior.
The same holds true for the company’s revenue of $573.34 million. It comes in above the $569.68 million in revenue that analysts were looking for. Plus, it’s an improvement over the $507 million reported in the fourth quarter of 2021.
Guidance Hurts CSGP Stock
Unfortunately for CSGP shareholders, its outlook for 2023 isn’t so great. That includes EPS estimates of $1.06 to $1.09 for the year. That’s 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. However, that would have it missing analysts’ revenue estimate of $2.5 billion for the year.
To go along with this, CoStar CEO also revealed there’s no deal between it and News Corp (NASDAQ:NWSA) for Move, the parent company of Realtor.com. The two companies were previously discussing CoStar buying Move.
CSGP stock is down 11.1% as of Wednesday morning.
Investors looking for all of the latest stock market news will want to keep reading!
We’ve got all of the hottest stock market coverage traders need to know about on Wednesday! That includes what has shares of BiomX (NYSEMKT:PHGE), Cyren (NASDAQ:CYRN), and Terran Orbital (NYSE:LLAP) stock moving today. All of that news is ready at the following links!
More Wednesday Stock Market News
- Why Is BiomX (PHGE) Stock Down 11% Today?
- Why Is Cyren (CYRN) Stock Up 43% Today?
- Why Is Terran Orbital (LLAP) Stock Up 99% Today?
On the date of publication, William White did not have (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.
More From InvestorPlace
- Buy This $5 Stock BEFORE This Apple Project Goes Live
- The Best $1 Investment You Can Make Today
- It doesn’t matter if you have $500 or $5 million. Do this now.
- Massive Bear Market “Divergence Event” Ahead… And The #1 Way to Play It
The post Why Is CoStar (CSGP) Stock Down 11% Today? appeared first on InvestorPlace.