July 22 (Reuters) - Real estate information provider CoStar Group CSGP.O raised its annual revenue forecast on Tuesday, aided by increased net new bookings and consumer traffic on its Homes.com website.
The company benefits as both customers and real estate agents turn to its platform, which features a comprehensive commercial real estate database. Users gain access to detailed property listings, leasing and sales information, tenant profiles and up-to-date demand statistics.
Shares of the Arlington, Virginia-based company rose 2% in extended trading.
CoStar now expects annual revenue between $3.14 billion and $3.16 billion, compared to its prior projection range of $3.12 billion to $3.16 billion.
It expects third-quarter revenue between $800 million and $805 million, the midpoint of which is below analysts' expectations of $803.1 million, according to data compiled by LSEG.
In May, CoStar acquired the Australian property listings platform Domain DHG.AX for A$3 billion ($1.92 billion), in a bid to create a well-capitalized rival to News Corp's NWSA.O REA.
The company's net new bookings for the quarter were up 65% from last quarter, led by Apartments.com's highest net new bookings quarter in two years.
CoStar Group's online marketplace for commercial property Homes.com reported a quarterly increase of 56% in net new bookings sequentially.
For the second quarter, the company reported revenue of $781 million, beating analysts' estimates of $772.2 million.
(Reporting by Kritika Lamba in Bengaluru; Editing by Alan Barona)
((Kritika.Lamba@thomsonreuters.com))
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