Homestore.com Revenue Up, Net Profit Still Down
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Homestore.com in Thousand Oaks reported revenues of $28.1 million for its fourth quarter that ended Dec. 31, a nearly 235% increase over the $8.4 million reported for the fourth quarter of 1998 and a 36% climb over revenues of $20.7 million for the third quarter of 1999.
The figures assume that two acquisitions occurring in 1999 were in place for each period being reported. DeLise Keim, director of investor relations for Homestore.com, said making those assumptions provides figures that are “most meaningful and reflective of the company’s ongoing operations.”
The company reported a loss of $16.2 million, or 23 cents per share, for the fourth quarter, compared with a loss a year earlier of $15.5 million, or 32 cents per share, and a loss of $16.8 million, or 25 cents per share, for the third quarter of 1999.
For the entire year, revenues were $73.4 million, a 218% increase over the $23.1 million for 1998. The company’s net loss for 1999 was $71.1 million, or $1.14 per share, compared with a loss of $44.9 million, or $1.04 per share, in 1998.
Officials said that fourth-quarter growth was driven largely by increased revenue from professional subscriptions and advertising. The number of professionals on the Homestore.com network totaled more than 95,000 on Dec. 31.
Homestore.com operates a network of Internet sites for home and real estate-related information.
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