The Arena Group Reports Surge in Third-Quarter Revenue
TheStreet's parent company posts an 82% boost in revenue as advertising surges.
The Arena Group (MVEN) , parent company of TheStreet and publisher of Sports Illustrated, reported on Monday that third-quarter revenue jumped more than 80% from a year ago.
Shares of the company, formerly known as Maven, were up 3.7% in after-hours trade Monday.
The company reported a net loss of $24.7 million, or 10 cents a share, compared with a net loss of $21.4 million, or 55 cents a share, a year ago, an 82% improvement year-over-year.
Revenue totaled $59.6 million, up 86% from a year ago, boosted by a 130% increase in advertising revenue to $21.7 million.
The Arena Group said the advertising revenue increase was primarily due to additional revenue of roughly $6.8 million, generated as a result of a doubling of advertising sponsorships.