In the three months ended June 30, the digital financial media company reported revenue of $17.1 million, up 16% from $14.8 million in the same period one year earlier. Subscription services revenue rose 21% year-over-year to $14 million, thanks in large part to revenue from BoardEx, which TheStreet acquired on October 31, 2014.
Media revenue declined 2% to $3.2 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.
"The second quarter saw continued downward pressure on ad media and business-to-consumer subscription revenue lines as experienced by the industry as a whole. We are however very pleased with our progress in executing on our strategic plan, focusing on growth opportunities in business-to-business subscription revenues," said Elisabeth DeMarse, Chairman, President, and Chief Executive Officer.
"As we continue to transform TheStreet, Inc., following our successful acquisition of BoardEx, we remain committed to look for new market opportunities that expand our revenue as well as customer base," DeMarse concluded.
Net loss for the quarter widened slightly to $671,000 from $641,000 in the year-ago period. Basic and diluted net loss per share attributable to shareholders was 2 cents, unchanged from the same quarter last year.
TheStreet generated $757,000 in operating cash flow in the second quarter for a cash balance of $34 million on June 30, 2015.
Bookings for total subscription services were $13.9 million for the quarter, up 12% from the year-ago period. This includes the impact of BoardEx. Bookings for the trailing four quarters were $52.9 million, up 13% from $47 million in the prior-year period.
For subscription newsletters, total paid subscriptions were 80,500 at the end of the quarter, down 2% year-over-year. Average revenue per user in the second quarter was flat year-over-year.