TheStreet CEO Callaway comments on fourth quarter
David Callaway, the CEO of TheStreet.com, spoke about the financial news company’s fourth quarter earnings during a conference call on Friday.
Here are some excerpts:
On the media side, we’ve taken some painful cuts to staff as we move to a more nimble, mobile, social and video model. We have a new app coming which you’re going to love and which will provide a new outlet for our subscription products to the Apple store. And we recently signed on famous media and politics writers like Michael Wolff and Ken Doctor has contributing columnist and editors and talent for up coming events help lead our coverage and what is been a massive infusion of Wall Street talent into the White House.
In a few weeks, we will be holding a major new event in London tied to Brexit and European economy is the first of four major events for The Deal this year in the UK and the U.S. and a continuation and expansion of the events we’re looking forward to. And in our premium subscription business, Jim Cramer who is going to be leading corporate activist event in June, a very important event for us this summer and our editor in chief Tara Murphy have been revamping our famous Action Alerts PLUS business and planning several new subscription products to help active investors in the new era.
We are particularly proud of a significant increase in the use of video and direct interaction between our subscribers and our experts. It has greatly increased the value of memberships in these products. Again, premium as you could tell from the numbers Eric laid out and from our press release was one of our more trouble business, this last year we believe we’ve arrested that define and we have several new products coming which are going to be quite exciting.
I want to take a moment to address our stock price, which we are all painfully aware is at a new low. It’s been difficult for us to watch the impact of the large hedge fund sales which kept our stock price down as it absorbed significant volume interest over the months. But we’ve also been very happy to see the most of our long-term shareholders are stuck with this for the year long rebuilding process we outlined just over a year-ago, we are almost there.
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