Shares of Membership Collective Group Inc. (MCG), a membership platform of physical and digital spaces, are rising more than 16% Wednesday morning after reporting better-than-expected fourth-quarter results.
Membership Collective reported net income of $13.53 million or $0.07 per share in the fourth quarter compared with net loss of $41.9 million or $0.21 per share in the same quarter a year ago, helped by member ship growth.
Analysts on average polled by Thomson-Reuters were expecting a loss of $0.21 per share in the quarter.
The company said its total members grew 45.6% year-over-year to 226,830.
Quarterly revenue increased 46.5% year-on-year at $270.4 million. The consensus estimate was for $254.64 million.
MCG is at $7.31 currently. It has traded in the range of $3.08-$9.63 in the last 1 year.
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