TheStreet meets expectations on loss, misses on revenue
Financial news company TheStreet.com reported a first quarter loss on Tuesday that met analyst expectations, but its revenue came in below expectations.
The New York-based company reported a net loss of $681,710, or 1 cent per share, better than the loss of $1.1 million, or 3 cents per share, in the first quarter of 2017. Analysts were expecting a loss of 1 cent.
Revenue, however, fell to $14.7 million in the first quarter after totaling $15.3 million in the first three months of last year. Analysts were expecting a slight revenue increase.
“Strengthening institutional revenue along with cost controls and our move to cut marginally profitable programmatic advertising business yielded year over year positive results,” said CEO David Callaway in a statement.
TheStreet fell 3 cents to $1.72 in Monday trading. The results were released before Tuesday’s market opening.
Operating expenses for the first quarter of 2018 were $15.3 million as compared to $16.2 million for the first quarter of 2017, a decrease of nearly $1 million.
The decrease in revenue was due to a decline in its business-to-consumer operation.
Business-to-consumer revenue for the first quarter of 2018 was $6.7 million, a decrease of $1.2 million, or 15 percent, from $7.9 million in the first quarter of 2017.
Business-to-consumer subscription revenue for the first quarter of 2018 was $4.7 million, a decrease of $400,000, or 9 percent, from $5.1 million in the first quarter of 2017.