TheStreet falls short on third-quarter revenue
Financial news and information company TheStreet.com reported third quarter earnings that beat Wall Street estimates but fell short on revenue.
The New York-based company reported a net loss of $1.2 million, or a loss of 3 cents per share, in the quarter, and revenue of $15.2 million, a 9 percent decrease from the same quarter a year ago.
TheStreet was expected to report a loss of 4 cents per share and revenue of $16.1 million.
“In my first few months here we’ve added our first chief marketing officer, a half dozen senior journalists in our new, unified newsroom, and changed the structure of the management team with some departures on the senior team and in the newsroom,” said David Callaway, president and CEO, who joined in early July.
Mobile visits to TheStreet’s websites grew 10 percent during the quarter, topping desktop for the first time.
The number of paid subscriptions at Sept. 30, was 65,100, a decrease of 12,700, or 16 percent, when compared to Sept. 30, 2015, and a decrease of 3,900, or 6 percent, when compared to June 30.