The real estate Internet site company Move Inc. reported a larger fourth-quarter loss as revenue slumped in a continuing slow market for home sales and leasing.
The company late Thursday reported a loss of $4.5 million (-3 cents per share), compared with a loss of $3.2 million (-2 cents) a year earlier. Revenue fell 14 percent to $49.6 million.
Analysts surveyed by Thomson Reuters on average expected the company to report profit of 1 cent per share for the quarter on revenue of $47.6 million.
Move, which operates Web sites that provide MLS home listings and other real estate services, expects business to continue to be slow with first-quarter revenue down 11 percent to an estimated $48 million.
For fiscal 2009, Move lost $12.2 million (-8 cents), 64 percent less than in 2008. Revenue was off 12 percent to $212 million.
“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,” said Chief Executive Steve Berkowitz, who came on board at the beginning of last year. “In my first year leading the company, we have put in place the people, processes and operating plan to drive Move forward.”
Shares were up 29 cents, or 17 percent, to $1.99 in midday trading on the Nasdaq.