Financial news Web site TheStreet.com reported Thursday thatÂ second-quarter revenue rose 32 percent because of more advertising, but profits fell.
A story on its site stated, “For the quarter ended June 30, the New York-based financial media company reported revenue of $19.7 million, compared with $14.9 million for the year-earlier period. Net income fell to $2.3 million, or 7 cents a share, from $3.6 million, or 12 cents a share, in the prior year, as depreciation and amortization costs more than tripled to $1.58 million.
“Analysts surveyed by Thomson Reuters were expecting earnings of 7 cents a share and revenue of $19.3 million.
“Earnings before interest, taxes, depreciation and amortization, excluding stock compensation of $1 million, totaled $4.6 million, an increase of 16% from adjusted EBITDA of $3.9 million in the second quarter of 2007.
“‘Our second-quarter results confirm that our decision to position TheStreet.com network as the leading online destination for ‘all things money’ continues to resonate with the advertising community,’ said Thomas J. Clarke Jr., chairman and chief executive of TheStreet.com. ‘With a record number of unique visitors, the highest monetization rate in our history and our continued strength with non-financial advertisers, we are well positioned to take advantage of the opportunities before us.'”
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