(Reuters) -Apartments.com owner CoStar Group on Tuesday forecast first-quarter revenue below Wall Street estimates, as inflation-wary people are spending less on real estate.
Shares of the company, which provide online marketplaces for commercial and residential real estate and apartment rental listings among others, fell 15% in trading after the bell.
The company said it expects revenue between $575 million and $580 million for the first quarter, compared with analysts’ average estimate of $585.62 million, according to Refinitiv data.
Earlier in January, Reuters reported that Rupert Murdoch withdrew a proposal to reunite News Corp and Fox Corp as the company was also exploring a sale of Move Inc, which operates the Realtor.com website, to CoStar Group, according to a regulatory filing and sources familiar with the process.
On an adjusted basis, CoStar earned 38 cents per share in the fourth quarter, compared with 36 cents per share, according to Refinitiv data. It reported revenue of $573 million, missing analysts’ average estimate.
(Reporting by Tiyashi Datta in Bengaluru; Editing by Shailesh Kuber)
