Industry News

Move Inc. reports $5.3 million Q4 loss

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Last year was "the toughest real estate market in 50 years," Move Inc. CEO Mike Long said during an earnings presentation Thursday, noting that the company grew revenue in key business segments while reporting a $4 million loss for the year and a $5.3 million loss in the fourth quarter. The company recorded $286.3 million in revenue during 2007, compared with $280.1 million in 2006. And fourth-quarter revenue increased from $69.9 million in fourth-quarter 2006 to $71.7 million in fourth-quarter 2007, according to the earnings report. Long reported that the company has grown its volume of clients that choose paid "Showcase" enhancements to their listings at the site. There were 3,200 Showcase customers in 2007, representing 240,000 agents, compared with 1,200 customers representing 130,000 agents at the end of 2006, he said. Move reported an uncertain outlook for a major securities investment. The company had $175.6 million in cash and short-...