In the three months ended March 31, the digital financial media company reported revenue of $16.9 million, up 17% from $14.4 million in the same period one year earlier. Subscription services revenue rose 23% year-over-year to $14.1 million, thanks in large part to revenue from BoardEx and modest growth in subscription newsletters and The Deal.
Media revenue declined 5% to $2.8 million, but the company expected this decrease due to its reduction of available inventory for advertising as it focuses on enhancing the user experience on its free sites.
"First quarter 2015 performance reflects our strategy of transforming TheStreet, Inc. into a subscription business leader with strategic media focus," said Elisabeth DeMarse, Chairman, President and Chief Executive Officer. "Through last year's acquisition of BoardEx, we successfully doubled the size of our institutional business."
"For the remainder of 2015, we will continue on our path to profitability by focusing on strengthening our synergies among our subscription businesses and improving our user experience on the free sites," DeMarse continued. "We are well positioned for immediate and long-range future growth and ready to take advantage of market opportunities."
Net loss for the quarter narrowed slightly to $1 million from $1.1 million in the year-ago period. Basic and diluted net loss per share attributable to shareholders was 3 cents, compared to 4 cents in the same quarter last year.