Move.com lost more than $32.7 million in 2008 despite cutbacks that have seen the company spending 24 percent less on product and Web site development. Move’s losses in 2007 were only $4 million.

The losses are somewhat misleading however: Move.com is trying to sell its Welcome Wagon business and $27.2 million of the losses are related to discontinued business. Move took a restructuring charge of $1.6 million and an impairment charge of $16 million related to Welcome Wagon operations in 2008.

Revenue for the company was down 3 percent for 2008 compared with the previous year to $242 million. The last three months of 2008 saw a sharper 8.2 percent year over year drop in revenue to $57.5 million.

The bulk of Move’s revenue – nearly 90 percent or  $217.2 million – comes from the company’s real estate products which include Realtor.com and Top Producer.

Read the call transcript here.