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Street.com 2Q beats Street
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July 27, 1999: 6:08 p.m. ET
Financial news site posts loss of $6.2 million on $3.3 million in revenue
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NEW YORK (CNNfn) - Financial news Web site TheStreet.com said Tuesday it lost less money in the second quarter than analysts expected. Revenues, meanwhile, nearly tripled, driven by gains in advertising and subscriptions.
In its first quarter as a publicly traded company, TheStreet.com lost $6.2 million, or 30 cents per share, compared to a loss of $4.7 million, or 61 cents per share, in the year-ago period.
Still, the New York-based company's shortfall was not as steep as the 37 cents a share loss forecast by analysts, according to earnings tracker First Call.
Revenue for the three-year-old company climbed 192 percent to $3.3 million, propelled by increases in subscriptions and advertising revenue.
Ad revenues soared 197 percent to $1.7 million, boosted by what the company said are its "attractive reader demographics."
Subscription revenues gained 108 percent to $934,000. TheStreet.com (TSCM) said it had 66,000 subscribers as of June 30, twice as many as six months ago.
Investors, however, have not warmed to the company's shares, which began trading publicly in early May. TheStreet.com stock, after soaring 216 percent on the company's first day of public trading, had lost about half of its value as of Tuesday's close.
Still, with a surge in reader interest in financial news, particularly over the Internet, the company, co-founded by hedge fund manager James Cramer, has attracted prominent investors like the New York Times Co. (NYT).
TheStreet.com's shares gained 2-3/8 to 31-3/4 Tuesday, before the second-quarter results were announced after the closing bell.
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