IAC shares higher on earnings beat
IAC/InterActive Corp. said Tuesday it earned $59.3 million, or 68 cents a share, reversing a loss of 22 cents a share a year ago. Adjusted for one-time items, the company reported earnings of 85 cents a share in the quarter. Revenue hit $771.1 million, up from $756 million a year ago. Analysts polled by FactSet had expected adjusted earnings of 59 cents a share on sales of $776 million. IAC brands include sites such Match.com, About.com, and Investopedia, and the dating app Tinder. The company said last month it would spin off its dating business, The Match Group, and said Tuesday that IPO is expected to completed in the fourth quarter. The Match Group revenue increased 19%, with a 18% growth in dating paid subscribers to more than 4.1 million globally, the company said. Shares of IAC rose 1.7% in after-hours trading Tuesday after ending the regular session up 0.7%.
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