Trulia this afternoon reported that its revenue in the fourth quarter of 2013 reached $49.7 million, up almost 142 percent year-over-year from $20.6 million in 2012. In addition, the company reported earnings of 3 cents a share, compared to an earnings loss of 3 cents a share in the year-ago quarter.
While the company barely beat analyst expectations of $49.39 million in revenue, it missed estimates that projected the company would bring in earnings of 7 cents a share.
“2013 was another outstanding year for Trulia,” Pete Flint, the company’s CEO, said in a press release. “Over the course of the year, we expanded our base of transaction ready consumers, more than doubled our customer base to end 2013 with almost 60,000 subscribers, and welcomed Market Leader to the Trulia family.”
However, investors seem disappointed with the results, sending Trulia’s stock down almost 15 percent to $31 a share in after hours trading as of this writing. Interestingly, Trulia competitor Zillow — which beat analyst expectations when it reported earnings earlier this week — is down more than 3 percent after hours following the news.
Following its acquisition of Market Leader last year, Trulia reported massive growth in its subscriber base. The last quarter of 2013 was no different, with the company saying that it now has 60 million subscribers, up from 56 million in the third quarter. Visitors also grew year-over-year, with the company reporting that it had an average of 35 million unique visitors a month during Q4 2013, up from 24 million in 2012.
In December, the company completed a debt offering valued at $223.3 million, which it said in an SEC filing would be used for working capital and other corporate purposes, including possible acquisitions.
