Membership Collective Group Shares Rally On Turning To Q4 Profit, Beating Consensus

(RTTNews) - 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.