TheStreet reports a first-quarter loss, misses on revenue
Financial news company TheStreet.com reported a first-quarter loss and revenue that missed analyst expectations.
The New York-based company reported a net loss from continuing operations of $5.1 million, or 99 cents per share, compared to a net loss from continuing operations of $2.2 million, or 44 cents per share in the first quarter a year ago.
Revenue was $6.69 million, slightly higher than the revenue of $6.67 million in the same quarter a year ago.
Analysts were expecting a loss of 95 cents per share and revenue of $8.14 million.
“We continue to evaluate the remaining business for cost efficiencies and explore strategic alternatives while executing on our business plan to deliver data and key operating metric driven premium subscription products and content to a loyal and attractive audience,” said Eric Lundberg, the chief financial officer and chief executive officer.
The first quarter loss was primarily due to $2.9 million in restructuring costs and $2.9 million of noncash compensation.
Subscription revenue increased $267,000, or 6 percent, as a result of a 6 percent increase in the average number of subscriptions.
Advertising revenue declined $200,000, or 9 percent, compared to the same period in the prior year due to a decline in page views.
TheStreet’s stock closed Monday at $6.72, up 10 cents.