IAC 2Q sales, profit beat Street forecasts

IAC 2nd-quarter sales, profit beats Street as About Group purchase helps revenue

Associated Press

NEW YORK (AP) -- IAC/InterActiveCorp, the website operator controlled by Barry Diller, on Tuesday reported second-quarter revenue and profit that surpassed analysts' forecasts.

Net income grew 35 percent to $58.3 million, or 67 cents per share, from $43.3 million, or 47 cents per share, a year ago.

Excluding stock-based compensation costs and other items, adjusted earnings came to 95 cents per share, beating the 94 cents expected by analysts polled by FactSet.

Revenue rose 17 percent to $799.4 million, also beating the $781.6 million expected by analysts.

Website revenue grew 19 percent to $202.9 million, but it would have fallen 3 percent if results from the acquisition of The About Group were excluded. IAC/InterActiveCorp bought The About Group from The New York Times Co. for $300 million in September.

Applications revenue grew 26 percent to $224.6 million.

Revenue from its Match.com and related services grew 9 percent to $194.3 million.

Shares rose 37 cents to $53 in after-hours trading Tuesday after the results were announced. Earlier, they closed up 85 cents, or 1.6 percent, at $52.63 in the regular session.

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