TheStreet reports loss, revenue decline

Financial news service TheStreet.com reported a loss and a decline in its revenue in the second quarter as new leadership attempts to turn the company around.

The New York-based company reported revenue of $16.3 million, down $800,000 from the same quarter a year ago, and lower than analyst expectations by about $440,000.

The net loss for the quarter was $1.2 million, or 3 cents per share. In the same quarter a year ago, TheStreet lost $800,000, or 2 cents per share.

“My first few weeks at TheStreet have helped me discover several pools of untapped talent across our businesses,” said David Callaway, president and CEO, who joined in early July.  “I’m encouraged by the progress in our institutional efforts as well as the corporate governance changes we’ve enacted to improve transparency for our important shareholders.”

The company has posted a number of new journalism jobs on its website in the past month.

The number of paid subscriptions at June 30, 2016 was 69,000, a decrease of 11,600, or 14 percent, when compared to June 30, 2015, and a decrease of 2,900, or 4 percent, when compared to March 31, 2016.

TheStreet disclosed that its London office now manages TheStreet’s website during the overnight hours, providing more fresh content in the early hours of the morning in the United States.