Categories: OLD Media Moves

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.

Chris Roush

Chris Roush was the dean of the School of Communications at Quinnipiac University in Hamden, Connecticut. He was previously Walter E. Hussman Sr. Distinguished Professor in business journalism at UNC-Chapel Hill. He is a former business journalist for Bloomberg News, Businessweek, The Atlanta Journal-Constitution, The Tampa Tribune and the Sarasota Herald-Tribune. He is the author of the leading business reporting textbook "Show me the Money: Writing Business and Economics Stories for Mass Communication" and "Thinking Things Over," a biography of former Wall Street Journal editor Vermont Royster.

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