Financial news site TheStreet.com reported fourth-quarter earnings on Tuesday that beat analyst expectations on lower expenses.
The New York-based company reported a loss of $345,681, or a penny a share, compared to analyst’s expectations of a loss of 4 cents per share.
However, subscription revenue declined in the quarter if you exclude an acquisition. Subscription revenues totaled $13.4 million, up slightly from the $13.3 million in subscription revenue in the fourth quarter of 2014.
Media revenue of $3.6 million in the fourth quarter of last year was down from the nearly $4 million in revenue in the same quarter of 2014.
Overall, fourth-quarter revenue of $17 million was nearly $400,000 below analyst expectations.
“This year we are investing in the business,” said Larry Kramer, chairman and interim CEO, in a statement. “We will be launching new versions of our products and unveiling our newly expanded news operation that will be serving all of our businesses. TheStreet, The Deal, BoardEx and our improved premium subscription products will all benefit from significant strategic investments in technology, marketing and content.”
Operating expenses for the fourth quarter of 2015 were $16.7 million, a decrease of $1.6 million, or 9 percent, from $18.4 million in the prior year.
TheStreet announced earlier this year that CEO Elisabeth DeMarse was leaving the company. The chief financial officer also left in the past year.
The number of paid subscriptions at the end of 2015 was 76,800, a decrease of 6,900, or 8 percent, when compared to Dec. 31, 2014, and a decrease of 1,000, or 1 percent, when compared to Sept. 30, 2015.
