Industry News

Homestore announces record second quarter

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Homestore Inc., the National Association of Realtors-affiliated company that operates popular home-search Web site, today reported net income of $3.3 million for the second quarter of the year, compared to a net loss of about $4.3 million in the same quarter last year. Total revenue for the second quarter was $63.3 million, a 16 percent increase from $54.3 million in the second quarter of 2004. Net income for the second quarter was $3.3 million, or $0.02 per share, compared to a net loss of $0.03 per share in second-quarter 2004. Revenue for, alone, was up 39 percent over second-quarter 2004, and up 23 percent over the first quarter of this year. "The second-quarter financial results are the strongest Homestore has delivered since we began the turnaround a little over three years ago," said Mike Long, Homestore CEO. "Our past investments in our and Top Producer businesses continue to deliver increasingly positive returns." Long announced during ...