Arena Hits First Quarterly Positive Net Income following Cost Cutting Moves
DENVER, Colo., Nov 15, 2024 (247marketnews.com)- Thanks to cutting an expected $40 million in costs on an annual basis, Arena (NYSE: AREN) realized a $13.6 million positive swing in year-over-year quarterly income from continuing operations. As a result, Arena Group realized its first quarter of positive net income, of $4 million, in the Company’s history, despite revenue from continuing operations dropping from $37 million, in Q3 2023, to $33.6 million, for Q3 2024.
Sara Silverstein, The Arena Group’s CEO, stated, “The financial results for Q3 2024 reflect the strength of the new, leaner, more efficient Arena Group.
“We’re achieving meaningful revenue diversification, including a significant increase in e-commerce and other revenue, enabling a substantial improvement in profitability. We generated higher gross margins, returned to positive operating income, and delivered our first-ever quarter of positive net income.
“Our business transformation plan has focused on a restructuring and investments in tech and editorial. “We’re building a modern media company that not only creates great content, but also delivers strong results for our partners and drives diversified revenue and sustainable profits. We generated more than $13.6 million higher income from continuing operations on $3.4 million in lower revenue as we shed unprofitable operations. We believe we now have a stable, profitable platform for growth.”
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