Industry NewsTechnology

Realtor.com parent loses $10.6M in Q1

Company reports hits related to management changes
Published on May 8, 2009

Realtor.com operator Move Inc. reported a first-quarter net loss of $10.6 million, or 7 cents per share, citing $1.9 million in severance pay and $8.7 million in stock-based compensation charges associated with executive departures and an incoming CEO. By comparison, the company reported a net loss of $4.6 million in first-quarter 2008 -- and that result included $2 million in severance costs for departing execs. Move also reported a $4 million net loss for the full year in 2008 and a $5.3 million net loss in fourth-quarter 2008 (see story). Revenue for the first quarter ended March 31, 2009, was $54.9 million, according to a Move Inc. earnings announcement, down 11.3 percent compared to revenue in the same quarter last year. Among the management changes announced this year: W. Michael Long, former Move CEO, retired in January and was replaced by Steven H. Berkowitz, former CEO of Ask.com; Lorna Borenstein, president, left in March (see story); and Lewis R. Belote III, chie...

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