Realtor.com operator Move, Inc. generated a net income in the third quarter for the first time since the second quarter of 2009, according to a quarterly financial report released Thursday.
Realtor.com operator Move, Inc. reported $375,000 in net income during the third quarter — the first time the company has had a profitable quarter since second-quarter 2009, according to the company’s latest earnings report, released Thursday.
The company generated $50.3 million in revenue last quarter, down from $52.9 million at the same time last year. Nevertheless, the company had $375,000 in net income applicable to common stockholders in the third quarter. By contrast, the company had a net loss of $758,000 in third quarter 2009 and a net loss of $1.4 million in this year’s second quarter.
Net income for the second quarter of 2009 — the last time the company’s revenues exceeded its expenses or losses — was $3.2 million.
"In the past year, Move has made significant investments throughout the company to overhaul our technology, streamline our operations, develop an integrated product vision, and foster more solid relationships with our key real estate industry partners,"said Steve Berkowitz, Move’s CEO, in a statement.
"As we head into the final quarter of 2010, I am pleased to say our business has turned a corner from stabilization to growth," Berkowitz stated.
For the fourth quarter, the company expects to generate between $49 million and $50 million in revenue, for a total of about $198 million for the year.
The Move Network, which includes Realtor.com, Move.com, Moving.com and SeniorHousingNet.com, attracted 13.4 million unique users who spent more than 240 million minutes on the network in September, the company said, citing comScore statistics.
The third quarter was a busy one for the company. In September, Move and the National Association of Realtors updated the operating agreement for Realtor.com. That same month, Move acquired Threewide Corp., the parent company of listing syndication platform ListHub, and launched a redesigned Realtor.com.