Industry competition, DDoS attacks can't stop Move
2Q earnings increase 9 quarters straight
Online real estate company Move (MOVE) posted another revenue increase, with second-quarter revenue growing 7% year-over-year to $61.3 million, recording positive gains despite hurdles during the quarter.
First, the company overcame a dedicated denial of service (DDoS) attack that disrupted its website for several days.
Move received a ransom demand back in June in connection with its DDoS attack, which it chose not to respond to. The attack interrupted the company’s website operations starting on June 17. Without the DDoS attack, Move estimates that revenue could have been closer to $62 million.
Revenue from consumer advertising products increased 6% to $47.4 million in the second quarter of 2014 compared to the same period in 2013, while revenue from software and services products increased 8% to $13.9 million compared to the second quarter of 2013.
But even with the increased competition, Realtor.com launched a new advertising campaign designed to hit the big boys where it hurts — the quality of each sites’ listings.
"Accuracy is critically important for serious buyers and sellers, but the Accuracy Matters awareness campaign is about more than just listings data - it's about sound professional advice as well, from Realtors with unparalleled local insights," said Steve Berkowitz, chief executive officer for Move. "This commitment leverages both campaigns to help consumers understand the combined advantage of using realtor.com while working with a Realtor."
Realtor.com has often touted its connection to NAR as a benefit for buyers, sellers and agents as well. The new ad campaign highlights the “valuable” role Realtors play in the market and online.
"Once again, our team succeeded in significantly growing our business and strengthening our bonds with consumers and real estate professionals through creative campaigns and products," said Steve Berkowitz, Move's CEO. "There is enormous value to be created in this business. We believe that because our platform is populated with better content from actual realtors, there is huge opportunity ahead of us."
Looking ahead, Move expects revenue to hit approximately $65 million next quarter, and $252 million to $254 million for the year.