"This momentum has enabled us to reach important milestones and expand our services to better meet the needs of our customers. As CoStar looks to the future, central to its growth strategy is the deployment of advanced AI technologies across the entire company. These initiatives are designed to accelerate revenue growth and operational efficiencies, enabling us to streamline processes, elevate the customer experience and unlock innovative solutions throughout our entire portfolio, the spokesperson wrote."
"These layoffs come as CoStar faces pressure from activist investors to divest or shutdown Homes.com amid weaker than initially expected financial results. Despite this pressure, CoStar has maintained that it has no plans to divest of or shutdown Homes.com. In a response to activist investor demands, CoStar has said that scaling Homes.com has already generated positive network effects for CoStar Group, including increased traffic and leads at Apartments.com and the ongoing integration of new technology across the Company, particularly in AI."
CoStar experienced rapid growth after initial investment and the successful launch of Homes.com over the past two years. The company expanded services and reached key milestones while integrating new technologies. Central to future growth is a company-wide deployment of advanced AI to accelerate revenue, improve operational efficiencies, streamline processes, elevate customer experience, and unlock innovative solutions across the portfolio. Layoffs occurred amid activist investor pressure to divest or shut down Homes.com, but the company has stated no plans to do so and projects Homes.com profitability by 2030 based on network effects and integrations.
Read at www.housingwire.com
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