IAC/InterActiveCorp Stock Gains as Value of Match and Angi Stakes Rise

IAC/InterActiveCorp (NASDAQ:IAC) reported its latest quarterly earnings results after hours Wednesday, which included data from its successful investments into two major companies.

IAC/InterActiveCorpThe company reported adjusted earnings of 71 cents per share for its first quarter of fiscal 2018, which was better than its year-ago adjusted earnings of 29 cents per share. Analysts were calling for adjusted earnings of 81 cents per share, according to data compiled by FactSet.

On the revenue front, IAC raked in $995.1 million, ahead of the $760.8 million it brought in during the year-ago quarter. The Wall Street consensus estimate was calling for revenue of $934.5 million, according to FactSet.

However, the company still had a successful period thanks to growth in dating services provider Match Group Inc (NASDAQ:MTCH) and home services company ANGI Homeservices Inc (NASDAQ:ANGI). IAC said it had an 80.9% “economic interest” in Match and an 86.8% economic interest in Angi.

Match Group topped analysts’ expectations in its latest quarterly earnings report and the company believe that competing dating sites such as the new Facebook, Inc. (NASDAQ:FB) site will not affect its financial results in quarters to come. IAC CEO Joey Levin echoed these sentiments, saying that “on the long list of things we worry about in our dating business, this announcement doesn’t top the list.”

He said that Match and IAC “have a 23-year head start and several months advanced warning, and we’re going to take advantage of all of it.”

IAC stock was up about 0.2% after the bell, while MTCH stock was trading flat and ANGI shares popped 2.4% late in the day.

Article printed from InvestorPlace Media, https://investorplace.com/2018/05/iac-interactivecorp/.

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