Move Inc., which operates property-search and other real estate Web sites including Realtor.com, on Thursday reported a $3.5 million loss in net income applicable to common stockholders during the second quarter, a result of the sluggish housing market and credit problems.
By contrast, the company posted net income of $1.4 million for the second quarter of 2006.
“Clearly the residential real estate market is going through a challenging period,” said Mike Long, Move’s chief executive officer, in a statement. “… We are well positioned to help both consumers and real estate professionals weather current conditions and emerge stronger.”
Move’s total revenue for the second quarter was $73.6 million, down slightly from $73.9 million in the second quarter of 2006.
EBITDA — earnings before interest, restructuring charges and certain other noncash and nonrecurring items, principally stock-based charges, depreciation and amortization — for the second quarter of 2007 was $6.9 million, compared with $4.7 million for the second quarter of 2006.
Shares of Move Inc. (NASDAQ:MOVE) stock traded at $3.07 at mid-morning Friday, up from the day’s opening price of $3.
