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.
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