Categories: OLD Media Moves

TheStreet.com reports loss, names Cramer chairman

Financial news site TheStreet.com reported a third-quarter loss on Wednesday and named founder and commentator Jim Cramer as its chairman.

A story on the site stated, “TheStreet.com Inc., the publisher of this Web site, said Wednesday that its third-quarter revenue rose 4% from the same period a year earlier, but the financial media company swung to a loss.

“The New York-based company also named co-founder James J. Cramer as chairman, saying its board decided to separate the roles of chairman and chief executive. The change will allow Thomas J. Clarke Jr., who previously held both positions, to ‘focus on navigating the company through this difficult economic environment’ as chief executive, TheStreet.com said.

“For the quarter ended Sept. 30, TheStreet.com reported revenue of $16.7 million, compared with $16.1 million for the same period in 2007. TheStreet.com reported a third-quarter loss of $1.1 million, or 4 cents a share. Last year, the company posted a profit of $3.8 million, or 13 cents a share, before a gain was factored in.

“On average, analysts surveyed by Thomson Reuters were expecting earnings of 6 cents a share and revenue of $19.2 million.”