Homestore Expects to Post $40-Million Loss
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Homestore Inc. expects to report a third-quarter net loss of about $40 million, narrower than a year-earlier loss of $106.6 million, according to preliminary financial results released by the Westlake Village-based company.
The online real estate company said it expects to report revenue of $64 million for the quarter ended Sept. 30, down sharply from a year earlier. Homestore is expected to report its third-quarter results Wednesday.
Federal officials have been investigating the company’s accounting practices and deals with key business partners since revelations last fall that $160 million in Homestore revenue was improperly recorded in 2000 and 2001.
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