IAC's core profit more than doubles in fourth quarter

Feb 13 (Reuters) - Internet holding company IAC IAC.O said on Tuesday that a key profit metric doubled in the fourth quarter, amid an uptick in online traffic and advertising revenue, as well as profit growth in its three biggest businesses.

Adjusted earnings before interest, taxes, depreciation, and amortization( EBITDA) jumped 57.3% for the company, which owns Dotdash Meredith, America's largest digital and print publisher, as well as brands such as the Daily Beast and care services platform Care.com.

Revenue came in at $1.058 billion, close to analysts' estimates of $1.062 billion per LSEG data.

Revenue at Dotdash Meredith, its biggest business, fell 0.3% to $475.9 million from a year earlier, with digital revenue rising 9% and print revenue declining 12%.

For the 2024 financial year, the company expects core profit to be between $320 million and $420 million.

(Reporting by Seher Dareen in Bengaluru; Editing by Anil D'Silva)

((Seher.Dareen@thomsonreuters.com; If in India call +91 74832 70128;))

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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