There seems to be no end to the real estate bust, especially as the economy continues its descent. Despite this, the online real estate portal, Move, Inc. (NASDAQ: MOVE), continues to plug along.
According to its Q4 results, revenues went from $62.6 million to $57.5 million. Adjusted EBITDA came to $7.3 million, which was down from $9.7 million. Although, this was 27% higher than Q3.
Based on Move's conference call, there is still little visibility as to when the real estate market will stage a comeback. As a result, the company continues to hunker down. For example, Move slashed $20 million in costs over the past two quarters.
The good news is that Move continues to keep its market leadership. In Q4, there was more than 140 million minutes of user engagement and 600 million page views. Obviously, people find the site highly useful. What's more, Move has a broad platform, which includes not only real estate listings but rentals, home finance and so on.
However, for investors, it's not easy to get excited about Move's stock. While the shares look undervalued, there appears to be no strong catalysts -- that is, until we see signs of life in the real estate market.
Tom Taulli is the author of various books, including The Complete M&A Handbook
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