The New York-based company reported a net loss from continuing operations $900,000, or 2 cents per share, compared to a net loss of $400,000, or 1 cent per share, from continuing operations in the second quarter a year ago. Analysts were expecting the company to break even for the quarter.
Revenue for the quarter was $13.6 million, down 5 percent from the same quarter a year ago. Analysts were projecting revenue of $15.6 million.
“Our strategic shift from advertising, while resulting in a short-term decline in results, has begun to pay off in almost all the underlying metrics of our subscription businesses, especially deferred revenue, which will benefit us in quarters to come,” said Chief Executive Officer David Callaway in a statement.
TheStreet’s stock closed Tuesday at $2.22, down 2 cents.
The larger loss for the quarter was primarily due to lower advertising revenue and higher operating costs, the company said.
Operating expenses for the second quarter of 2018 were $14.9 million as compared to $14.2 million for the second quarter of 2017.
Business-to-consumer revenue for the second quarter of 2018 was $6.9 million, a decrease of $1.2 million, or 15 percent, from $8.1 million in the second quarter of 2017, primarily due to lower advertising revenue.
The company sold its RateWatch business on June 20 for $33.5 million. The results exclude the RateWatch business. Including the RateWatch business, second quarter net income was $27.5 million, or 54 cents per share.
BBC News has hired Charlotte Edwards as a reporter covering money, work and technology. She previously was…
Reuters has promoted Hatem Maher to deputy breaking news editor for the Middle East. Maher has been…
Canada's Financial Post has hired Ben Cousins as a senior editor. He has been working as a…
Reuters reporter David Carnevali has left the news organization for a new opportunity. "I left Reuters to…
Fast Company staff writer Talib Visram is leaving the publication after five years to freelance. His reporting…
Ayurella Horn-Muller has been hired by Grist to cover food and agriculture. She has been…