Move Inc. said Tuesday it reduced its fourth quarter loss, as the real estate Web site operator scaled back and adapted to the housing market downturn.

After the markets closed, the Westlake Village operator of Web sites used by real estate professionals and the general public reported a net loss of $3.2 million (-2 cents per share), compared with a net loss of $5.3 million (-3 cents) a year ago. Revenue fell 8 percent to $57.5 million.

Earnings were in line with the consensus of analysts surveyed by Thomson First Call, but revenues were lower than Wall Street’s $60.9 million forecast.

Chief Executive Steve Berkowitz said Move responded to the market downturn by reducing operating expenses by $20 million and divesting underperforming businesses. The company reported a loss from discontinued operations of $2.2 million, including a $1.5 million restructuring charge related to Welcome Wagon operations that are being marketed for sale.

“2008 was an eventful year for Move and for our industry, and I believe we enter the new year positioned to continue our market leadership in online real estate,” said Berkowitz, who assumed his position in January. “As we reshaped our external profile, relaunching our Web sites to better serve consumers and real estate professionals, we also focused internally on our efficiency as an organization.”

Move’s shares closed down 8 cents, or nearly 6 percent, to $1.33 on the Nasdaq.