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by CareyBot

Real estate brokerage company ZipRealty Inc. (NASDAQ: ZIPR) on Wednesday reported a net loss of $3.1 million in the first quarter, which compares with a net loss of $800,000 for the same quarter last year and a net loss of $20.2 million in fourth-quarter 2006. Net revenues for the first quarter were $23.4 million, a 22 percent increase compared with the $19.2 million in net revenues reported in first-quarter 2006. The company has been ramping up its recruitment of agents -- ZipRealty reported 1,875 agents employed as of March 31, up 26.6 percent from 1,481 agents at the end of first-quarter 2006. "We are very pleased with our first-quarter performance given that the period is seasonally our weakest and that it's typically characterized by significant investment," said ZipRealty CEO Richard...