Match.com owner IAC 1Q profit falls 33 percent
Match.com owner IAC says profit 1Q net income down 33 percent after selling Newsweek
NEW YORK (AP) -- IAC/InterActiveCorp said its first-quarter net income fell 33 percent, hurt from the impact of the company ending its print version of Newsweek in December 2012 and selling the online version of the magazine last year.
But IAC's bright spot was its business that houses its dating websites. During the quarter, the Internet company created The Match Group, which includes dating sites Match.com and OKCupid, education site Tutor.com and exercise app DailyBurn. The Match Group's revenue rose 9 percent to $211.2 million from a year ago as subscribers to the dating sites rose 10 percent to 3.5 million.
It is looking for ways to make money from its dating app Tinder, which has seen a big increase of downloads, said Gregory Blatt, chairman of The Match Group. Options include advertisements or small purchases.
Net income fell to $35.9 million, or 41 cents per share, in the quarter ending March 31, compared with $53.6 million, or 61 cents per share, a year ago. Adjusted to remove one-time items, it earned 59 cents per share.
Analysts expected 55 cents per share, according to FactSet.
Revenue slipped to $740.2 million from $742.2 million, above the $737.8 million analysts expected.
The New York company's shares slipped 46 cents to close at $66.28.
