The financial website TheStreet.com reported Wednesday a net loss of $1.7 million in the second quarter while delivering its highest revenue total in nearly three years.
Michael Baron of TheStreet.com writes, “The New York-based online financial news provider on Wednesday reported revenue of $15.1 million from its ongoing businesses in the latest quarter, as both subscription and advertising revenue increased. In the same period a year earlier, the company lost $340,000 on revenue of $14.7 million.
“On an adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) basis, TheStreet earned $700,000 in the latest three months, down slightly from equivalent earnings of $900,000 in the year-ago period.
“‘While the growth rates we experienced in the first quarter moderated as the level of uncertainty in the global financial markets increased and advertisers and investors became more cautious — particularly as the quarter progressed — we nonetheless saw a number of key proof points which confirm to us that the Company’s strategy is gaining traction,’ said Daryl Otte, the company’s CEO, in a press release. ‘Notably, revenue in both our ongoing businesses continued to grow and in total represented the highest it has been in eleven quarters.’
“TheStreet said average monthly unique visitors to its network of sites jumped 33% year over year in the second quarter, according to internal measurements, and that its average number of paid subscriptions totaled 93,125 in the second quarter, a 3.8% increase from year-ago levels.”
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