The tough real estate market continues to take a toll on Market Leader, the Kirkland provider of online marketing tools to real estate professionals. The company said that revenue declined to $5.9 million in the second quarter, down from $10.1 million for the same period last year.
The company -- formerly known as HouseValues -- also posted a net loss of $3 million for the quarter. It finished the quarter with $55 million in cash and cash equivalents.
According to Google Finance and Yahoo Finance, the company today had a market capitalization of $47.5 million.
The company said in the release that its customer attrition rates are slowing. But it also noted that times remain tight:
While existing home sales improved in the second quarter compared to the first quarter level, research from REAL Trends, Inc. shows that real estate commissions declined once again in the second quarter. Market Leader expects real estate professionals to continue to remain cautious regarding new marketing expenditures as they recover from the industry slowdown.
READ MORE and COMMENT
No comments:
Post a Comment