MarketWise reports Q2 EPS 4c

Reports Q2 revenue $105.046M vs $103.644M last year. Reports Q2 net income $19.696M vs $9.707M last year. “MarketWise Inc. is in the midst of a difficult turnaround, and I have been asked to guide us through that effort… When we execute well our company can produce hundreds of millions of dollars in float, which is capital we will eventually have to pay in taxes but can be invested profitably in the interim. Currently, we remain invested 100% in only short-term fixed-income assets, but we look forward to the day when we find more attractive opportunities in other long-term investments. Of course, we also need to return to growth to increase the size of this float, which we expect will begin to decrease this year as various taxes come due,” interim CEO David Eifrig said,