TheStreet reports third-quarter loss on lower revenue
Financial news and information company TheStreet.com reported a third-quarter loss and revenue that was lower than analyst expectations.
The New York-based company reported a net loss from continuing operations of $1.1 million, or 2 cents per share. In the third quarter of 2017, the company reported a net loss from continuing operations of $700,000, or 2 cents per share.
Revenue for the quarter was $13 million, down from the $13.3 million in the third quarter a year ago due to a decline in advertising and below analyst expectations of $13.4 million.
“As promised, our efforts over the last several months to focus on our premium business have resulted in September being the first month with a year-over-year subscription revenue increase in more than three years,” said CEO David Callaway in a statement.
TheStreet’s shares fell 3 cents to $1.80 in Tuesday trading. The results were released before the market opened on Wednesday.
Business-to-business revenue in the third quarter totaled $6.3 million, up 5 percent from the same quarter a year ago.
Business-to-consumer revenue in the third quarter fell 9 percent to $6.7 million primarily due to a strategic shift as it relates to advertising.
However, total deferred revenue from subscriptions was $22.6 million for the third quarter, up $2.4 million, or 12 percent compared to the third quarter in 2017.