This result is in contrast to a profit of $3.2 million in Q2 2010. "Net income in the second quarter of 2010 was positively impacted by the release of a deferred tax asset valuation allowance, resulting in a one-time benefit of $13.4 million," HomeAway explains.
Despite the loss, the company's revenue was up 40.9 percent year-on-year to $58.7 million. "HomeAway delivered strong, profitable growth in the second quarter, highlighting the reach and scalability of our global online vacation rentals marketplace," said Brian Sharples, the company's CEO.
HomeAway's paid listing total grew 19.3 percent year-on-year to a total of 626,661, or 15.5 percent after excluding the impact of HomeAway's acquisition of realholidays.com.au in April. Average revenue per listing was $339, compared to $298 during Q2 2010 and $328 during the first quarter of this year.
Renewal rate was steady at 76.2 percent, compared to 75.1 percent at the end of Q2 2010 and 76.1 percent at the end of the Q1 2011. The company says total 2011 revenue is expected to be in the range of $224 million to $226 million, while adjusted EBITDA is expected to be in the range of $62 million to $63 million.
For more on HomeAway's European operations, read our overview of the UK and European online holiday rentals market here.