August 8, 2018 / 8:34 PM / a year ago

Match Group-owner IAC tops revenue estimates

(Reuters) - Online media company IAC/InterActiveCorp’s (IAC.O) second-quarter revenue beat Wall Street expectations on Wednesday, boosted by growth in businesses, including digital home-services provider ANGI Homeservices and dating-services provider Match Group.

Revenue from ANGI Homeservices ANGI.O jumped 63 percent, driven by a full-quarter contribution from consumer review website operator Angie’s List, which IAC bought last year and merged with its digital home services marketplace business.

“Our synergies (for ANGI Homeservices) were slightly better than we thought and the performance of the business is slightly better than we thought,” Chief Financial Officer Glenn Schiffman said in an interview.

IAC, controlled by media mogul Barry Diller, has a long history of acquiring businesses across sectors, incubating them over time until they reach critical mass, and then spinning them off.

Businesses spun-off by IAC include Expedia Inc (EXPE.O), Ticketmaster box office service, mortgage service LendingTree (TREE.O) and Tinder-owner Match Group (MTCH.O), of which IAC owns over 80 percent.

IAC’s second-quarter results were also helped by robust growth in Match as its dating-app Tinder snagged more users. Match beat second-quarter estimates and raised its full-year revenue forecast on Tuesday.

Total revenue rose 38 percent to $1.06 billion, above the analyst average estimate of $1.02 billion, according to Thomson Reuters I/B/E/S.

Net earnings more than tripled to $218.4 million, or $2.32 per share, for the three months ended June 30, benefiting from about $150 million in gains due to changes in revenue recognition standards and sale of some investments.

IAC earned $66.3 million, or 70 cents per share, a year earlier.

Reporting by Pushkala Aripaka in Bengaluru

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below