TheStreet beats Wall Street expectations in second quarter
Financial news service TheStreet.com reported second-quarter earnings and revenue that were better than analyst expectations.
The company reported net income of $344,744, or 1 cent per share, up from a loss of $1.2 million, or a loss of 3 cents per share, in the same quarter in 2016. Analysts were expecting a loss of 2 cents per share.
Revenue was $15.96 million, down slightly from the $16.29 million in revenue in the same quarter a year ago but more than $300,000 above analyst expectations.
“Our turnaround is gaining momentum,” said CEO David Callaway in a statement. “Costs are down. Cash is up. B2B revenue, and importantly deferred revenue, continues to rise, and our news coverage is attracting advertisers. On the subscription side, we’re paring losses and seeing improvement each week.”
Business-to-consumer advertising revenue grew $100,000 for the second quarter of 2017 as compared to the same period in 2016 due to an increased number of marketing programs with better CPM margins.
In addition, event revenue in the second quarter of 2017 totaled $100,000 as TheStreet.com hosted two events with Jim Cramer. No event revenue was earned during the second quarter of 2016.
Operating expenses for the second quarter of 2017 were $15.4 million, which was $1.7 million, or 10 percent less than the $17.2 million in operating expenses incurred in the second quarter of 2016.
TheStreet shares were up 5 cents, or nearly 6 percent, to 80 cents in Tuesday morning trading.