Realtor.com parent company Move’s Q4 and FY 2023 revenues slipped by double digits, with the company bringing in $602 million for the full year, according to an earnings call on Thursday. Despite its struggles, News Corp CEO is confident in the brand’s ability to stand toe-to-toe with its competitors.
Inman Connect is LIVE Aug. 8-10! Join us for impactful interviews, cutting-edge conversations and networking with thousands of real estate pros. Get valuable takeaways to thrive in a rapidly shifting market. Can’t come to Vegas? Register now for a virtual ticket.
Market headwinds continued to batter Realtor.com parent company Move during the fourth quarter of the year, with shrinking lead generation and transaction volumes pushing revenues down 24 percent year over year to $146 million.
The company fared slightly better in its FY 2023 reporting, which saw revenues slide 15 percent year over year to $602 million.
News Corp CEO Robert Thomson didn’t highlight Move’s performance in his pre-call earnings statement. Instead, he pointed to the holding company’s other revenue segments as the key to its success after a series of difficult earnings quarters that saw the company lay off more than 1,000 employees.
News Corp ended 2023 with a Q4 revenue decline of 9 percent year over year to $2.43 billion and a FY 2023 revenue decline of 5 percent to $9.88 billion. The company logged a Q4 net loss of $32 million; however, it still ended the full year with a net income of $187 million. The Total Segment EBITDA also received a boost, landing at $341 million for the three months ending on June 30.
Robert Thomson | News Corp.
“News Corp’s Fiscal 2023 results highlighted the durability and depth of our revenue streams and the impact of stringent cost controls as we navigated challenging macro conditions, supply chain pressures and currency headwinds,” Thomson said. “We achieved full year Fiscal 2023 revenues of $9.9 billion and profits of over $1.4…