TheStreet.com Q2 results, which reflected the cost of shutting down its stock brokerage and research unit, came down hard. The site lost $2.3 million in the June quarter, compared with a loss of $130,000 a year ago. Net revenues were $7.8 million in the latest quarter, down from $7.9 million a year ago. Advertising revenue rose 10% from a year ago to $2.1 million, while subscription revenue fell 6% to $5.3 million. The company is looking to expand its advertising-supported content, and will do more distribution deals.
The company is still looking for strategic options, after closing off its IRG unit, and may acquire, instead of being sold, said CEO Tom Clarke, on the conference call.
The site’s page views benefitted from the popularity of founder Jim Cramer’s TV show, Mad Money, according to the company. Interestingly, Cramer, who is also the largest shareholder in the company, has his contract with TSCM up for renewal, and it seems like it will be renewed for another three years.
The full earnings release is here…