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Wednesday, July 27, 2011
Newly Public HomeAway Reports Q2 Revenue Up 41 Percent To $58.7M, Profit Down 85 Percent
Newly public home rental service HomeAway is reporting second quarter earnings today, posting a 40.9 percent revenue growth, to $58.7 million in the second quarter, compared to $41.6 million in the second quarter of 2010. The company said growth was buoyed by renewal rates, coupled with increases in new listings and revenue per listing. Net income for the quarter was $2.2 million compared to net income of $14.9 million for the second quarter of 2010 (the company said that income for Q2 2010 was positively impacted by the release of a deferred tax asset valuation allowance, resulting in a one-time benefit of $13.4 million).
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