As the portal war intensifies, real estate agent network’Revenues have cooled. fourth quarter of current fiscal year action companyRevenue at Realtor.com parent company fell 2% year over year to $143 million, according to an announcement Thursday.
News CorpMove’s parent company attributed the decline to rising mortgage rates and macroeconomic headwinds.
Revenue from Move’s real estate division, which accounts for approximately 80% of Move’s total revenue, decreased 2% year over year as Realtor.com’s lead volume and website traffic growth remained stable.
According to internal data shared during the call, executives said Realtor.com’s website traffic averages 74 million unique visitors per month.
Despite the decline in Move’s revenue, NewsCorp’s digital real estate division still recorded strong results this quarter, with revenue rising 21% year-over-year to $448 million.
Overall, News Corp reported a 2% year-on-year revenue increase for the full fiscal year to $10.09 billion, while the digital real estate services unit reported an 8% increase in full-year revenue to $1.6 billion, despite a 10% decline. Full-year revenue reached US$544 million. Overall real estate revenue fell 11% annually for the full year due to lower referral and core lead generation.
Looking ahead, Finance Chief Susan Panuccio said News Corp. is working to diversify its revenue base.
“As we communicated last quarter, our focus is on best positioning ourselves for the housing recovery,” Panuccio said. “Our key strategic focus areas remain unchanged as we enter the new financial year, including modernizing our technology stack; investing in content across our products, most recently with the launch of new dynamic mapping capabilities; and leveraging News Corp’s networks to grow audience share.
Despite being a hot topic, NewsCorp CEO Robert Thomson made no mention of the portal wars and Move’s lawsuit against listed portal rivals supporting role. Thomson did, however, praise the leadership of Realtor.com CEO Damian Eales and noted that the company is ready for the upcoming changes to business practices outlined in the Business Practices. national association of realtorsProxy Litigation Settlement Agreement.
“The market does appear to be on the verge of recovery,” Thomson said. “I have to say, Damian has done a great job leveraging our media platform to raise awareness. [Realtor.com] and drive traffic.
