UPDATE IAC/InterActiveCorp Earnings: Beats Estimates
IAC/InterActiveCorp (NASDAQ:IACI) reported net income above Wall Street’s expectations for the second quarter. IAC operates internet businesses in the United States and a number of jurisdictions abroad.
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IAC/InterActiveCorp Earnings Cheat Sheet
Results: Net income for IAC/InterActiveCorp rose to $43.3 million (47 cents per share) vs. $42.4 million (44 cents per share) in the same quarter a year earlier. This marks a rise of 2.1% from the year-earlier quarter.
Revenue: Rose 40.2% to $680.6 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: IAC/InterActiveCorp reported adjusted net income of 86 cents per share. By that measure, the company beat the mean estimate of 55 cents per share. It beat the average revenue estimate of $664.1 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 32.5%, with the biggest boost coming in the most recent quarter when revenue rose 40.2% from the year earlier quarter.
The company topped expectations last quarter after falling short of forecasts in the first quarter with net income of 29 cents versus a mean estimate of net income of 31 cents per share.
For two consecutive quarters, the company’s net income has risen. In the first quarter, net income rose 90.8% from the year earlier.
Looking Forward: Analysts are pessimistic about the company’s results for the next quarter. The average estimate has fallen for the third quarter to 55 cents per share, down from 56 cents seven days ago. For the fiscal year, the average estimate has moved up from $2.05 a share to $2.10 over the last ninety days.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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