IAC/Interactive Corp reported higher net income and revenue this year following significant growth in the company’s websites, such as About.com and Ask.com.
IAC’s second quarter revenue was $799.4 million, representing a 17% growth from the company’s second quarter revenue last year, of $680.6 million. This increase was much more than what most analysts expected.
Net income for the second quarter was $58.3 million, up from $43.3 million in 2012.
Total website revenue included $36.7 million from The About Group, which was bought last year from The New York Times Co.
Revenue from IAC’s collection of dating websites increased by 9 percent to $193.3 million – mainly driven by an increase in the number of subscribers.
Between April 29, 2013 and July 26, 2013, IAC repurchased 1.5 million shares of common stock (at $49.41 per share).
The company declared a quarterly cash dividend of $0.24 per share. This will be payable on the 1st of September to stockholders.
According to the company, “IAC’s family of websites is one of the largest in the world, with more than a billion monthly visits across more than 30 countries.”
The company statement said:
“During Q2 2013, IAC repurchased 1.5 million common shares at an average price of $49.41 per share, or $73.1 million in aggregate. As of June 30, 2013, IAC had 82.9 million common and class B common shares outstanding. As of July 26, 2013, the Company had 10.2 million shares remaining in its stock repurchase authorization.”