TheStreet.com up after beating Q3 earnings estimates
TheStreet.com, Inc. (Nasdaq: TSCM) shares are up slightly in morning trading after the investing website operator’s third-quarter profit soared to $19.75 million, or $0.58 per share, above analyst estimates of $0.12 per share and compared with $3.09 million, or $0.11 per share, a year earlier.
The financial news company, founded by CNBC pundit Jim Cramer, realized a tax gain of $16 million during the three months ended Sept. 30. Excluding that gain, the New York City-based firm’s quarterly profit was $3.8 million, or $0.13 per share.
“We had a record quarter where our total revenue grew 24% from the same period last year,” CEO Thomas J. Clarke Jr. said in a statement. “With our recent acquisitions and the many other initiatives we have undertaken, TheStreet.com has dramatically altered and broadened the landscape of opportunities for the company. I look forward to cohesively and profitably integrating these opportunities as we strive toward becoming the premier online destination for money.”
The company’s third-quarter revenue rose to $16.1 million, in line with Wall Street projections of $16.3 million and compared with $12.9 million during the same period of 2006.
TheStreet.com announced its acquisition of Bankers Financial Products on Nov. 2. During August, the company acquired Corsis, an online promotions agency.
In morning trading, TSCM shares are up 3.9%, or $0.51, at $13.60. Over the last 52 weeks, shares have ranged from $8.15 to $14.83.
