TheStreet reports a fourth-quarter loss
Financial news service TheStreet.com reported a fourth-quarter loss that was worse than expected, but its revenue topped projections.
The New York-based company reported a net loss of $6.8 million, or 14 cents per share, compared to a profit of $26.5 million, or 60 cents per share, in the same quarter a year ago, primarily due to a goodwill impairment in its consumer business.
The fourth-quarter net loss from continuing operations was $3 million, or 6 cents per share. Analysts were expecting a loss of 2 cents per share.
Revenue of $13.92 million was down slightly but above analyst expectations of $13.76 million.
“Our results for 2018 reflect important structural changes to our business,” said Eric Lundberg, CEO and CFO, in a statement. “Over the course of the year we took advantage of compelling offers to return value to our shareholders through the sale of our RateWatch business, and, during the fourth quarter we announced the sale of our B2B business to Euromoney which closed in February 2019.”
The company sold its institutional business units, The Deal and BoardEx, for $87.3 million to Euromoney Institutional Investor PLC.
Lundberg, who took over as CEO earlier this year from David Callaway, said that the company would now focus on subscribers and advertiser customers. “We are confident in our ability to operate the business effectively and to continue to deliver value for our stockholders,” he said.
The earnings release can be found here.