TheStreet reports lower loss after cutting expenses
Financial news site TheStreet.com reported Tuesday a lower first quarter loss than a year ago due to cutting expenses, meeting Wall Street expectations.
The New York-based company reported a loss of $1.2 million, or 3 cents per share, compared to a loss of $3.4 million, or 10 cents per share, in the same quarter a year ago. Operating expenses fell 16 percent to $16.2 million.
TheStreet, which provides news and information to investors, has overhauled its operations in the past year, bringing in new management and cutting staff in its editorial operation. Still, the company is threatened with having its stock delisted by Nasdaq.e
“Rising institutional revenue, tapering declines in consumer subscriptions, and renewed interest in our improved news coverage from advertisers, particularly in video, are reflecting our new management team’s hard work during 2016,” said CEO David Callaway in a statement. “This is just the beginning, and we look forward to showing continued improvement in the next three quarters.”
Revenue for the quarter fell 5 percent to $15.3 million. Analysts had predicted revenue of $15.43 million.
Business-to-business revenue including The Deal, BoardEx and RateWatch totaled $7.4 million, up $300,000 as compared to the first quarter of 2016.
Business-to-consumer revenue for the first quarter of 2017 was $7.9 million, a decrease of $1 million, or 12 percent, from $8.9 million in the first quarter of 2016.
TheStreet rose 2 cents to 77 cents on Monday.