Another Drop in Move Inc Revenue

Move Inc, the company behind top US real estate websites move.com and realtor.com, has announced revenue of US$49.6 million for the fourth quarter of 2009. This is down from $57.5 million in the fourth quarter of 2008 and follows a revenue drop in Q3 2009 compared to 2008 totals.

This revenue figure is higher than Move had predicted in its third quarter results, when it said it was expecting revenue ranging between $47 million and $48 million.

Net loss applicable to common stockholders, including discontinued operations, was $4.5 million, or a loss of $0.03 per share, compared to a net loss of $3.2 million, or a loss of $0.02 per share, in the fourth quarter of 2008.

The company’s non-GAAP Adjusted EBITDA was $5.0 million, or 10 percent of revenue, compared to $7.3 million, or 13 percent of revenue, for the fourth quarter of 2008.

Steve Berkowitz, Move’s chief executive officer, had this to say about the financial results:

“The fourth quarter closed a year of tremendous change for Move, as we realigned our entire business to further extend our position as the leader in the online real estate market. In my first year leading the company, we have put in place the people, processes and operating plan to drive Move forward.

Some of the changes we have implemented will have short-term benefits, while others will take time before we fully realise the benefit of our efforts. However, I am confident that we have the focus and dedication to leverage our market leadership into long-term success for our customers, our partners, and our consumers.”

Move’s share price ended the day’s trading with no change.

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