IAC/InterActiveCorp., the operator of Match.com and Ask.com, reported a 23 percent increase in second-quarter revenue from Web-search products and growth in online dating subscribers. The stock jumped.
Net income at IAC, the Web-based businesses built and controlled by Barry Diller, increased to $42.4 million, or 44 cents a share, from $13.6 million, or 12 cents a share a year earlier, the New York-based company said today in a statement. Earnings excluding some items were 62 cents a share, topping the 38 cent average estimate of 11 analysts in a Bloomberg survey.
IAC, which operates more than 50 Internet sites, is building a wide range of digital content and service-oriented businesses. In February the company formed a joint venture with Newsweek magazine to combine the publication’s operations with the news website Daily Beast.
IAC rose $4.23, or 11 percent, to $42.02 at 9:42 a.m. New York time in Nasdaq Stock Market trading, and earlier jumped as much as 16 percent, the biggest intraday gain since September 2008. The shares had added 32 percent this year before today.
Sales increased to $485.4 million from $394.2 million a year earlier, the company said. That compares with the $465.2 million analysts had projected. The largest share of that growth came from IAC’s Web-search products including Mindspark, Ask.com and Dictionary.com.
IAC’s Match.com said in May that it would make a tender offer for the 73 percent of Meetic SA that it did not already own. The offer valued the French dating service at $493 million.
(IAC will audiocast its conference call with investors today at 11 a.m. New York time. The live audiocast can be heard at http://www.iac.com/investors.)
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