Industry NewsTechnology

Move Inc. reports Q2 loss of $2.2 million

Company plans to trim $20 million in operating expenses
Published on Aug 8, 2008

Realtor.com operator Move Inc. on Thursday reported a $2.2 million net loss in the second quarter, or 1 cent per share, compared with net income of $4.4 million, or 3 cents per share, in second-quarter 2007. The company has plans to reduce annual operating expenses by $20 million by the end of 2008, according to the report, "the full effect of which will not be realized this year," and the company has engaged an investment banker to assist in the sale of Welcome Wagon, a business segment that focused on delivering advertisements to new homeowners. Move Inc., which operates home-search site Realtor.com through an agreement with the National Association of Realtors trade group and also operates the Move.com Web site, reported total revenue of $61.4 million in the second quarter, compared with $62.5 million in the same quarter last year. For the six-month period ended June 30, 2008, Move has reported a $6.86 million loss, which compares to a $4.59 million gain during ...

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