IAC Interactive Reports Drop in Q4 Profits; Misses Estimates (IACI)
Internet company, IAC Interactive Corp.(IACI) reported declined profits for their fourth quarter, missing estimates on Thursday.
The New York, NY based company reported fourth quarter earnings of $40.7 million, or 43 cents per share, down -16.5% from $48.8 million, or 53 cents per share last year. Excluding special items, earnings were 70 cents per share, missing analysts estimate of 77 cents per share.
Revenue rose by 28% to $765.3 million, beating analysts expectation of $753.7 million.
The company’s sales increased mainly due to the company’s online dating services, notably Meetic, which is popular in Europe. The site’s revenue increased by 56% to $54.5 million, from $35 million during last year’s fourth quarter.
For 2012, the company earned $159.3 million, down from $174.2 million in 2011. Revenue increased to $2.8 billion, from $2.1 billion in 2011.
IAC Interactive shares were up 42 cents, or 0.98% during premarket trading. The stock has declined -6% in the past year.
The Bottom Line
Shares of IAC Interactive Corp.(IACI) have a 2.23% yield, based on Wednesday’s closing price of $43.01
IAC Interactive Corp.(IACI) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.
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