TheStreet.com Inc., publisher of TheStreet.com's network of sites, said Tuesday it will likely not meet expected third-quarter revenue projections. The company cited weaker-than-anticipated advertising revenue as the primary factor.
At the same time, the company said it would meet analysts' expectations for its bottom line in the third quarter.
Analysts consensus for the quarter ending Sept. 30 are for $8.595 million in revenue and a net loss of $9.5 million, or 37 cents a share.
"From a revenue standpoint, this is a disappointing quarter for TheStreet.com," said CEO Tom Clarke. "Unfortunately, our projections didn't account for the slower-than-anticipated implementation of our news distribution deals, and the impact of seasonality on advertising sales. These factors hampered our aggressive plans for page view and revenue growth."
The company transitioned to a multi-site network built around an advertising-supported free hub in June.
TheStreet.com said that despite the expected revenue shortfall it still expects to become cash-flow positive by the second half of 2001. The company said it has about $88 million in cash.