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NEW YORK (
TheStreet(TST), the publisher of this Web site, reported second-quarter results that saw revenue increase 8% year over year, as its subscription business showed strong growth.
Revenue for the second quarter was $13.5 million, a rise of 8% annually, and 7.2% sequentially, as subscription revenue rose 23.4% year over year. The company noted it ended the quarter with 77,711 subscriptions, an increase of 2.5% from the prior year and 2.1% sequentially. Average monthly churn, the number of users leaving, improved from the prior year, falling to 3.1% from 3.9%.
Media revenue for the period was $2.7 million, a decline of 27.5% from the year-ago quarter, but up 17.2% from the previous quarter.
The company reported a net loss of $1.1 million, or 3 cents a share, better than the $1.9 million loss in the year-ago period. Adjusted EBITDA was positive for the quarter, coming in at $0.3 million. Operating cash flow for the first six months of the year increased by $1.2 million.
"TheStreet's second quarter revenue growth of 8% is our first year-over-year growth since 2011 and reflects the continued execution of our strategy. We are driving revenue growth by smart acquisitions, investing in our institutional and retail subscription platforms, focusing on operational excellence and modernizing our infrastructure," said Elisabeth DeMarse, Chairman, President and CEO in the press release.
Operating expenses for the quarter were $14.6 million, a year-over-year rise of 1.1%.
TheStreet ended the quarter with $59.4 million in cash and cash equivalents, down from $60.3 million in the prior quarter.
Shares ended Thursday trading higher, gaining 1.9% to close at $2.15.
Written by TheStreet Staff in New York