Industry News

Homestore narrows loss to $5 million

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Real estate media and technology provider Homestore today reported a first-quarter loss of $5.1 million, or 4 cents per share, an improvement from its net loss of $12 million, or 10 cents a share, the previous quarter. The loss compares with a net income of $87.2 million during the same quarter a year ago. That income included a $104 million one-time gain related to the settlement of Homestore's distribution agreement with AOL. Total revenue for the first quarter was $56.1 million, up from $54.9 million during the same quarter a year ago, representing the company's first year-over-year quarterly revenue growth. The increase was due to Homestore's media services segment, which added $1.7 million in revenue, and the software segment, which added $200,000, the company said. Revenue from the print segment decreased $600,000. Homestore had $41.1 million in cash and short-term investments at the end of the first quarter. That compares with $5.5 million the previous quarter. "We achieved s...