CoStar stock slumps amid second-quarter growth, monetization plans

CoStar Group reported strong second-quarter growth with revenue up 18% to $925 million and net income rising to $55 million, driven by its Homes.com residential portal. Despite this, the stock slumped 12% in afterhours trading due to investor consternation over continued investment in Homes.com and ongoing layoffs within the division. The company is also planning a premium marketing tier for Homes.com and recently agreed to acquire Zonda for $800 million.