Barry Diller's IAC Reports Strong Growth in First-Quarter Financials
NEW YORK - Internet firm IAC posted strong first-quarter financials that beat analyst expectations and reflected healthy profits boosted by its search and dating segments.
The company, led by chairman Barry Diller, reported quarterly net income of $34.5 million, up 91 percent from the same period the previous year, and revenue of $640.6 million, up 39 percent.
IAC's search businesses, including Ask.com and Mindspark, fueled much of the growth with reported revenue of $343 million, up 47 percent. The company also got solid performance from its dating sites including Match.com and OKCupid with $36 million in revenue, a 44 percent growth.
The compay's media sector, which saw $46.1 million in revenue, up only 4 percent, and operating losses of $8.4 million had mixed results.
IAC reported a loss for Newsweek/The Daily Beast and increased expenses for sites CollegeHumor and Vimeo. The company has also been caught up in controversy over investments made in Aereo, an upstart TV streaming company that is currently being sued by the major TV broadcasters.
Overall, some analysts say they are bumping up 2012 estimates for the company based on the results. IAC's share price is up 35 percent in the past year and the company has also begun a program to repurchase some 15 million shares from investors.