Daily Beast Parent IAC Beats Quarterly Expectations

IAC/InterActive Corp. shares rose 1% late Wednesday after the company reported fourth-quarter adjusted earnings and sales that beat Wall Street expectations. The media and internet company, which owns internet brands such as The Daily Beast, Vimeo and Investopedia, said it earned $102 million, or $1.18 a share, in the quarter, versus a loss of $32 million, or 38 cents a share, in the year-ago period. Adjusted for one-time items, IAC earned $114 million, or $1.38 a share, compared with 75 cents a share a year ago. Fourth-quarter sales reached $811 million, down from $849 million in the fourth quarter of 2015. Analysts polled by FactSet had expected the company to report adjusted earnings of 95 cents a share on sales of $780 million. Shares of IAC had ended the regular trading session down 0.8%.