IAC reports higher net income and revenue thanks to website growth
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.”
IAC (NASDAQ: IACI) is a media and internet giant which has over 150 different brands and products, such as Ask.com, About.com, Match.com, HomeAdvisor.com and Vimeo.com.