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Homestore Loses $2 Million in Quarter

Homestore, now doing business as Move, reported that it lost $2 million or $0.01 per share in the first quarter ended Mar. 31, compared with a loss of $395,000 or $0.00 per share in the same period a year ago. Move had revenues of $69 million in the first quarter of 2006, a 22 percent increase over the prior year’s $56.5 million. Move CEO Mike Long also announced that the company’s Move.com real estate search engine launched on May 1. The first quarter loss was attributed to a stock-based compensation expense. Without the charge, Move would have earned $1.3 million for the first quarter of 2006.

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