IAC/InterActiveCorp (NASDAQ:IAC) stock was trending upward as the company reported its latest quarterly earnings results on Wednesday, which included a profit and revenue beat.
The New York-based parent company of Match Group (NASDAQ:MTCH) and Angi Homeservices (NASDAQ:ANGI) said that for its second quarter of fiscal 2018, both of the aforementioned companies helped to lift its revenue to $1.06 billion, a 30.4% increase from the $767.4 million from the year-ago quarter.
Analysts were calling for IAC to rake in about $1.02 billion in revenue, according to data compiled by FactSet. The company’s net income for the quarter was also a beat at $218.4 million, or $2.32 per share, beating the 85 cents per share that the analysts were calling for, per FactSet.
In the year-ago quarter, the company brought in net income of $66.3 million, or 70 cents per share. “Each of our businesses is in the early stages of penetrating very large total addressable markets,” CFO Glenn Schiffman said.
Schiffman added that the company’s EPS was boosted greatly by IAC’s impressive results in the “other income” category thanks to new accounting rules that requires the company to showcase mark-to-market gains on investments in its other companies.
Without this impact, the company’s earnings would’ve been $1.16 per share.
IAC stock gained about 7.7% during regular trading hours Wednesday in anticipation of the company’s quarterly earnings results. Its strong profit and revenue showing helped to lift shares about 2.4% after the bel.