News BriefTechnology

Move Inc. losses grow in 2008 operator cut costs, product development

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Take a deep real estate technology dive, Aug 7, 2017 operator Move Inc. says the company's losses ballooned from $4 million in 2007 to $32.7 million in 2008, despite having slashed $20 million in annual operating expenses by year's end. At $242 million, revenue for the year was down 3 percent from 2007. The company saw a sharper 8.2 percent year-over-year drop in revenue during the last three months of 2008, to $57.5 million, that was driven by fewer new-home listings and fewer display ads. The $3.2 million loss for the quarter was an improvement from the last three months of 2007, when Move lost $5.3 million. Driving the increased losses for 2008 as a whole was a $27.2 million loss on discontinued operations, including Move's Welcome Wagon business, the company said. Move acquired Welcome Wagon, a lead-generation site that offers consumers information about local businesses and services, in 2001, and hopes to complete a sale of the company by the end of the year. Move took a restructuring charge of $1.6 milli...