BELLEVUE, Wash. (AP) -- InfoSpace Inc. shares soared nearly 22 percent Thursday, a day after the company said its profit increased more than seven-fold in the first quarter on higher income from a tax preparation company that it acquired.
Infospace said after the market closed Wednesday that its net income in the quarter ended March 31 rose to $11.4 million, or 28 cents per share, from $1.3 million, or 4 cents per share, in the same period a year earlier.
Revenue more than doubled, to $115.7 million from $51.7 million a year earlier. Much of the gain came from its TaxACT business, an online tax preparation company that InfoSpace acquired during the first quarter. Tax preparation contributed $40.4 million in revenue. InfoSpace had no tax preparation revenue a year earlier.
InfoSpace expects 10 percent revenue growth for TaxACT this tax season, which ended on April 18.
Revenue from the company's main Internet search business increased 46 percent in the first quarter.
InfoSpace, based in Bellevue, Wash., develops internet search tools and technologies used by consumers. Its technology aggregates and filters results from other search engine content providers.
The company's shares closed up $2.38, or 21.7 percent, at $13.36 on Thursday.