Industry News

Move Inc. suffers $3.5 million loss in Q2

Quarterly revenue down from last year

Don't miss the real estate event of the summer
Join 4,000 real estate pros at Connect SF, Aug 7‑11, 2017

Move Inc., which operates property-search and other real estate Web sites including Realtor.com, 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...