News Brief
TheStreet.com's Earnings Fall 22% First Quarter
Apr 30, 2008, 7:00 AM
Due to rising expenses related to site enhancements and expansion, TheStreet.com saw earnings fall 22% in the first quarter, the company reported on Tuesday.
Net income after preferred stock dividends fell to $2.4 million--or 7 cents per share--from $3 million, or 11 cents per share, year-to-year. Net revenue rose 31% to $18.9 million from $14.5 million during the year-ago period.
Still, marketing services revenue, which encompasses advertising and interactive markets services, increased 62% to $8.2 million. Paid services revenue, which includes subscriptions, syndication and licensing, grew 14% to $10.8 million.
TheStreet.com recently revamped its Web site and launched a new personal finance site, MainStreet.com. As a result, expenses increased 41% to $17 million year-over-year. In addition, costs of services rose 36%, while general and administrative costs increased 61%.
--Gavin O'Malley
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