Why CoStar Group Stock Rose 11% in July

Shares of CoStar Group (NASDAQ: CSGP) climbed 11.1% last month, according to data provided by S&P Global Market Intelligence. The provider of real estate information services and online marketplaces delivered better-than-expected earnings and boosted its full-year guidance.

CoStar's revenue leapt 16% year over year to $344 million, fueled by the strong growth of its multifamily business, led by Apartments.com.

"Apartments.com achieved record sales bookings in the fourth quarter of 2018, then beat that record again in the first quarter of 2019, and now has beaten the record yet again with second quarter 2019 bookings soaring 44% over the first quarter," Founder and CEO Andrew Florance said in a press release.

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Source Fool.com