IAC (NASDAQ:) reported its latest quarterly earnings results after hours today, bringing in a profit that was considerably stronger than what analysts called for, while also increasing year-over-year, helping to lift IAC stock more than 5% on Wednesday.
The New York City-based media business said that for its first quarter of fiscal 2019, it brought in net income of $88.7 million, or 91 cents per share, topping its year-ago profit of $71.1 million, or 71 cents per share. Analysts called for the business to bring in earnings of 41 cents per share, according to data compiled by FactSet.
IAC also brought in revenue of $1.11 billion, up from its year-ago total of $995.1 million. This figure was stronger than the Wall Street consensus guidance of $1.09 billion. The company benefited greatly from its Vimeo business, which had a solid three-month period.
Tinder also performed well, while adjusted EBITDA came in at $190.6 million, marking an increase from the $188.4 million from the same period a year ago. This amount was also stronger than the $189 million that analysts were calling for.
Vimeo added more enterprise customers to the platform as this segment marked IAC’s fastest growing stream of revenue. Subscriptions were up by 8% year-over-year during the quarter, CFO Glenn Schiffman said that the new members that the company brought in are adding “significant average-revenue-per-subscriber growth.”
IAC stock is up about 5.9% on Thursday. Shares were unmoved after hours.
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