Realtor.com operator Move Inc. managed to stay in the black during the third quarter even as revenue slipped 7.5 percent from a year ago, to $46.5 million.
Move slashed operating expenses by 6.7 percent during the same period, helping it eke out $242,000 in net income for July, August and September.
Most of the cost-cutting was in sales and marketing, down 12.6 percent from a year ago to $16.3 million, and product and website development, down 4.7 percent to $8.4 million. General and administrative expenses were essentially unchanged from a year ago at $10.8 million for the quarter.
In reporting third-quarter results, Move issued guidance to investors saying it expects 2011 revenue to total $192 million, slightly less than the $197.5 million in revenue the company generated in 2010 but a drop of nearly 23 percent from $248.9 million in 2007.
Move CEO Steve Berkowitz said the company will continue to focus on "opportunities for growth in 2012 and beyond," saying the real estate industry is making an important transition as it embraces new technologies against the backdrop of a challenging real estate market.
Move is in the process of rolling out "the most aggressive product release schedule in our history," Berkowitz said.
This week Move launched Realtor.com International, which offers language translation and currency and measurement conversion tools that make Realtor.com listings more accessible to foreign buyers. The site also features listings from nine European nations and Brazil, with listings from additional countries in the development pipeline.
Brokers and agents who want to generate leads from unbranded lead forms next to listing detail pages on Realtor.com can sign up for the site’s new Connection for Co-Brokerage program. Move is rolling out the Connection lead forms on a national basis after testing the concept in seven markets this summer. Brokers have the choice of opting out of the program if they don’t want the ads running next to their listings.
For consumers looking for rentals, Realtor.com is now displaying units from multiunit apartment buildings in addition to the single-family homes for rent previously available on the site.
Also new is a cloud-based mobile service for Top Producer, the customer relationship management and marketing tool for real estate agents.
Move has relaunched a mortgage prequalification decision engine, PreQualPlus, in partnership with MetLife Home Loans, allowing visitors to Realtor.com and AOL Real Estate to prequalify online.
Move’s stock price closed Thursday at $1.70 per share before earnings were announced, down 41 percent from a 2011 high of $2.89 per share.
Move revealed that it repurchased 5.9 million shares of company common stock for $9.6 million during the third quarter, paying an average of $1.63 per share. The company has filed paperwork with regulators to initiate a 1-for-4 reverse stock split.
