IAC/InterActiveCorp Earnings: Profit Jumps Helping Beat the Street
IAC/InterActiveCorp (NASDAQ:IACI) reported net income above Wall Street’s expectations for the first quarter. IAC operates internet businesses in the United States and a number of jurisdictions abroad.
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IAC/InterActiveCorp Earnings Cheat Sheet for the First Quarter
Results: Net income for IAC/InterActiveCorp rose to $34.5 million (38 cents per share) vs. $18.1 million (19 cents per share) in the same quarter a year earlier. This marks a rise of 90.8% from the year-earlier quarter.
Revenue: Rose 39.2% to $640.6 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: IAC/InterActiveCorp reported adjusted net income of 51 cents per share. By that measure, the company beat the mean estimate of 31 cents per share. It beat the average revenue estimate of $593.5 million.
For the past five quarters, the company has seen double-digit year-over-year percentage revenue growth. Over that span, the company has averaged growth of 28.3%, with the biggest boost coming in the fourth quarter of the last fiscal year when revenue rose 40% from the year earlier quarter.
The company has now topped analyst estimates for the last four quarters. It beat the mark by 18 cents in the fourth quarter of the last fiscal year, by 5 cents in the third quarter of the last fiscal year, and by 21 cents in the second quarter of the last fiscal year.
Looking Forward: Analysts appear increasingly negative about the company’s results for the next quarter. The average estimate for the second quarter has moved down from 61 cents a share to 54 cents over the last ninety days. For the fiscal year, the average estimate has moved up from $1.97 a share to $2.04 over the last ninety days.
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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