CoStar Group, Inc. (CSGP), the leading provider of commercial real estate information, analytics and online marketplaces, announced today that revenue for the quarter ended March 31, 2018 was $274 million, an increase of 21% over revenue of $227 million for the first quarter of 2017. Net income for the quarter ended March 31, 2018 increased $30 million to $52 million or $1.44 per diluted share compared to $22 million for the first quarter 2017, an increase of 136%.
Company-wide net bookings for ongoing services were $54 million in the first quarter of 2018, but are reduced by negative net bookings of $19 million as a result of the previously announced discontinuation of the vast majority of the LoopNet Information products in February 2018. Accordingly, overall Company wide-net bookings in the first quarter were $35 million.
"We had a very strong first quarter of 2018 as we expanded revenue, grew net income and continued to generate strong sales," said Andrew C. Florance, Founder and Chief Executive Officer of CoStar Group. "CoStar Suite revenue accelerated to a growth rate of 19% year-over-year as revenue reached $130 million in the first quarter of 2018. In the last 12 months, the number of individual subscribers for CoStar Suite in the United States alone grew by over 20,000 to approximately 126,000."
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