Industry News

Move Inc. suffers $3.5 million loss in Q2

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Move Inc., which operates property-search and other real estate Web sites including, on Thursday reported a $3.5 million loss in net income applicable to common stockholders during the second quarter, a result of the sluggish housing market and credit problems. By contrast, the company posted net income of $1.4 million for the second quarter of 2006. "Clearly the residential real estate market is going through a challenging period," said Mike Long, Move's chief executive officer, in a statement. "... We are well positioned to help both consumers and real estate professionals weather current conditions and emerge stronger." Move's total revenue for the second quarter was $73.6 million, down slightly from $73.9 million in the second quarter of 2006. EBITDA -- earnings before interest, restructuring charges and certain other noncash and nonrecurring items, principally stock-based charges, depreciation and amortization -- for the second quarter of 2007 was $6.9 million, compare...