Move Inc.’s real “Find” for MLSs
Move, Inc.’s Q210 earnings call delivered some good news in the area of single home listings, up slightly as were the listing prices. It also announced the upcoming “Find” product for MLSs, to help them search properties.
Revenue in the second quarter of 2010 was $49.7 million, compared to $54.6 million in the second quarter of 2009.
“Move continues to execute as changes implemented over the past year have yielded positive early returns and our core business continues to stabilize,” said Berkowitz. “In the past few months, we made good progress against our core business strategies, releasing beta sites for both Realtor.com and Move.com, several updates to our iPhone app and Top Producer.”
Earnings call highlights:
- A record June, with 11.8 million unique users spending more than 240 million minutes on Realtor.com, viewing over 400 million pages.
- Almost 1.5 million downloads of the real estate search IPhone app in the last six months
- A new Find technology product for MLSs, to help them organize and easily search their own properties. It is Move, Inc’s hope that this offer will be reciprocated by the various MLSs with a share of their content with Move.
- A launch last week of a new mobile rental platform, with maps that can be personalized, an easy search that updates on the fly, social media integration and special deals.
The company projects 2010 revenue of $194-$197 million, with an Adjusted EBITDA target of approximately 11 percent.
Here’s the complete earnings release.
