As the Portal War rages on, Realtor.com’Revenues have been sluggish. Move Co., Ltd.The parent company of Real Estate Agent.comThe company said Thursday that sales fell 2% year over year to $143 million.
News CorpMove’s parent company attributed the decline to rising mortgage rates and macroeconomic headwinds.
Revenues from the real estate division, which accounts for about 80% of Move’s total revenue, fell 2% from a year ago. Real Estate Agent.comLead and website traffic growth remained flat year over year.
According to internal data shared on the conference call, the executives Real Estate Agent.comwebsite traffic reached an average of 74 million unique visitors per month.
Despite the decline in Move’s revenue, NewsCorp’s digital real estate division still posted a strong performance for the quarter, with revenue up 21% year-over-year to $448 million.
Overall, News Corp reported full-year revenue of $10.09 billion, up 2% year-on-year, while its digital real estate services division reported full-year revenue of $1.6 billion, up 8%, despite Move’s full-year revenue falling 10% to $544 million. Overall real estate revenue was down 11% year-on-year for the full year due to lower referral and core lead generation output.
Looking at the company’s future, Chief Financial Officer Susan Panuccio said News Corp is working to diversify its revenue base.
“As we communicated last quarter, we are focused on best positioning Realtor.com for the housing market recovery,” Panuccio said. “As we enter the new fiscal year, our key strategic focus areas remain the same, including modernizing our technology stack, investing in content for our product offerings (including recently releasing new dynamic mapping capabilities), and leveraging News Corp’s network to grow audience share.”
Despite the buzz, News Corp CEO Robert Thomson did not comment on the portal wars or Move’s lawsuit against its publicly traded portal rivals. Co-star. But Thomson, Real Estate Agent.com He thanked him for his leadership and said the company is ready to adapt to changes in business practices going forward. National Association of RealtorsCommission Litigation Settlement Agreement.
“The market certainly seems to be on the brink of a resurgence,” Thomson said. “Damien is taking full advantage of his media platform to [Realtor.com] It increases traffic.”
