operator Move Inc. said cost-cutting measures helped the company trim its net loss to $12.2 million last year, despite a 12.4 percent decline in revenue.

Move — which posted a $34.3 million net loss in 2008 — said it expects revenue will continue to slide, from $242 million in 2008 and $212 million last year to between $186 million and $192 million this year.

In reporting results for the final three months of 2009, Move said $3.9 million in expenses incurred to settle litigation contributed to a $4.5 million loss for the quarter.

In a conference call with investors, CEO Steve Berkowitz said the company is bringing out new products that will help it take advantage of’s status as the most visited real estate Web site.

In 2009, Move launched several new products for real estate professionals, including Search Assist, Facebook widgets, Ask a Realtor, and Realtor blogs.

In January, the iPhone applications was downloaded 300,000 times in 50 days, a record in the real estate category, Berkowitz said.

Move’s largest shareholder, The D3 Family Funds, believes the company is well positioned to take advantage of a shift in advertising dollars from print to online, founder David Nierenberg told the investor Web site Seeking Alpha in an interview published in January.

Nierenberg was a vocal critic of Berkowitz’s predecessor, Mike Long, and Move’s investment of nearly $130 million in auction-rate securities that became illiquid during the financial crisis (see story).

At the time, D3 Family Funds held 6.6 percent of Move common stock. The fund has since increased its position to 28.1 million shares, or 18.1 percent of outstanding shares as of Dec. 31, making it the largest Move shareholder.

Nierenberg said Move’s new management plays "a big role in our thinking about the company."

Since coming aboard in January 2009, Berkowitz has hired former eBay executive Rob Krolik as chief financial officer, Adobe and Intuit veteran David Story as chief technology officer, and former Ticketmaster executive Scott Boecker as chief product officer. Berkowitz has also promoted President Errol Samuelson, adding chief revenue officer for Move to his duties.


What’s your opinion? Leave your comments below or send a letter to the editor.

Show Comments Hide Comments


Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Thank you for subscribing to Morning Headlines.
Back to top
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription