IAC (NASDAQ: IAC) posted a 24% rise in its core profit in the second quarter, banking on advertising and licensing revenues of Dotdash Meredith, its biggest business.
The media and internet company, which owns brands such as the Daily Beast and Care.com, posted earnings before interest, taxes, depreciation, and amortization (EBITDA) of $87.3 million for the quarter, up from $70.2 million a year ago.
Dotdash Meredith, the biggest U.S. digital and print publisher, posted revenue of $425.2 million, up 3%, helped by a 16% rise in advertising revenue and 19% growth in licensing and other revenue, led by its partnerships with Apple News+ and OpenAI.
IAC’s revenue for the second quarter came in at $949.5 million, above analysts’ estimates of $943.1 million, according to LSEG data.
The company tightened its annual core profit forecast to between $335 million and $410 million from its prior projection of $320 million to $420 million.
IAC (NASDAQ: IAC) was among the suitors for the coveted Paramount Global (NASDAQ: PARA). However, the company’s owner billionaire Barry Diller said last month that IAC was no longer in the race to buy Paramount, which scored a deal with David Ellison’s Skydance Media early in July.
(Source: Reuters)
Mark Glenn is a financial journalist and breaking news reporter for ABBO News. Mark is known for his ability to deliver real-time news updates on market developments, mergers and acquisitions, corporate earnings reports, and regulatory changes, helping investors stay informed and make sound financial decisions.
