IAC/InterActive Swings to Loss on Charges
February 02 2016 - 6:40PM
Dow Jones News
IAC/InterActiveCorp., which last year spun off its dating
websites Match Group Inc., on Tuesday reported it swung to a loss
in the December quarter as it booked more than $100 million in
charges.
It was the first reporting period since Match went public in
November. Match separately reported a 26% drop in quarterly
earnings.
IAC shares, down 19% over the past 12 months, fell 1.7% to $50
in late trading. Meanwhile, Match fell 3.2% to $11.80, below its
$12 initial public offering price.
Billionaire Barry Diller's Internet conglomerate, which retains
majority control of Match through its ownership of Class B shares,
plans to focus operations on digital media, building on existing
properties such as the Daily Beast, About.com, Dictionary.com and
Investopedia.
The New York City company has signaled that it will carry on its
acquisitive drive. In November, IAC disclosed an unsuccessful offer
for consumer-review site Angie's List Inc., and a month later it
emerged as a potential buyer for Yahoo Inc.'s core Internet
business.
Over all, IAC reported a loss of $31.8 million, or 38 cents a
share, compared with a year-earlier profit of $70.2 million, or 78
cents a share. The results included an $88 million charge in the
publishing segment and a $14.1 million goodwill charge in its other
segment, which largely comprises Ask.com, CityGrid and ASKfm.
Excluding stock-based compensation and other items, IAC reported
a profit of 75 cents a share, down from $1 a share a year
earlier.
Revenue rose 2.2% to $848.7 million.
Analysts surveyed by Thomson Reuters had projected 93 cents a
share on $865.5 million in revenue.
Meanwhile, Match reported that fourth-quarter profit fell to
$35.6 million, or 16 cents a share. Excluding stock-based
compensation and other items, profit was 24 cents a share, down
from 32 cents a year earlier.
Revenue rose 12% to $267.6 million.
Analysts surveyed by Thomson Reuters projected 20 cents a share
on $277.3 million.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
February 02, 2016 18:25 ET (23:25 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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