TheStreet’s fourth quarter loss misses analyst estimates

thestreet_logo_black_bg_front_lead Financial news company TheStreet.com reported a fourth-quarter loss that was worse than analyst expectations.

The New York-based company reported a loss of $11.6 million, or 33 cents per share, in the fourth quarter. Analysts were expecting a loss of 5 cents per share.

In the same quarter of 2015, the company reported a loss of $346,000, or 1 cent per share.

The company attributed the loss to a goodwill impairment totalling $11.6 million, an additional non-cash depreciation charge of $1.5 million, restructuring charges related to severance and lower premium subscription revenue.

“This was an investment year and the seeds of our turnaround efforts began to take hold in the fourth quarter on both our institutional side and our consumer businesses,” said David Callaway, president and CEO, in a statement.

Revenue for the fourth quarter of 2016 was $15.9 million, a decrease of $1.0 million, or 6 percent, from $17.0 million in the prior year. The revenue number was slightly higher than analyst estimates.

The severance charges totaled $1.4 million. The company has laid off more than a dozen journalists as well as executives.

Read the release here.

Chris Roush

Chris Roush was the dean of the School of Communications at Quinnipiac University in Hamden, Connecticut. He was previously Walter E. Hussman Sr. Distinguished Professor in business journalism at UNC-Chapel Hill. He is a former business journalist for Bloomberg News, Businessweek, The Atlanta Journal-Constitution, The Tampa Tribune and the Sarasota Herald-Tribune. He is the author of the leading business reporting textbook "Show me the Money: Writing Business and Economics Stories for Mass Communication" and "Thinking Things Over," a biography of former Wall Street Journal editor Vermont Royster.