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IAC Earnings: IAC Stock Up as Vimeo Has Solid Q1

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.

The post appeared first on InvestorPlace.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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