RICHMOND, Va. (WRIC) -- CoStar Group has released a statement addressing recent layoffs after an announcement of AI technologies being deployed across the organization. 8News reached out to CoStar on Wednesday, Feb. 18 after being alerted to the possibility that a number of employees had been laid off at the company. A statement provided by a CoStar spokesperson confirmed the layoffs while detailing an "organizational update" as it relates to the success of Homes.com and continued efforts to integrate AI technology. The full statement can be viewed below, explaining that the deployment of AI technologies and goals to continue these initiatives have ultimately resulted in "the difficult decision to eliminate certain roles" within the company: "Earlier today, we shared an organizational update with the team at CoStar. Over the past two years, we have experienced a period of rapid growth following the initial investment phase and the successful launch of Homes.com. This momentum has enabled us to reach important milestones and expand our services to better meet the needs of our customers. Central to our strategy moving forward is the deployment of advanced AI technologies across CoStar Group. 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. To align our organization with these strategic objectives and position the company for continued success, we have made the difficult decision to eliminate certain roles within the organization. This was not a decision taken lightly, and we are deeply appreciative of the contributions that each affected team member has made during this transformative period. We are committed to supporting our employees through this transition and will provide resources and assistance. Our focus remains on building a strong, sustainable company that serves our customers and drives innovation in the industry.” ...read more read less