IAC Beats Expectations With Match Group Gain; Stock Jumps
Internet and media company IAC InterActive Corp. said Monday it earned $65.6 million, or 74 cents a share, in the third quarter, down from $326.8 million, or $3.68 a share, a year ago. Sales rose 7% to $838.6 million, up from $782.2 million a year ago. Analysts polled by FactSet had expected the company to report earnings of 50 cents a share on sales of $805 million. Revenue from IAC's Match Group, parent of several internet dating sites such as Tinder and OK Cupid, grew 19%, IAC said. The Match Group's adjusted earnings rose 37% year-on-year as the number of paying subscribers rose 16% to 4.17 million in the quarter, from 3.6 million a year ago. The group filed for an initial public offering last week, seeking to sell at least $100 million worth of shares. IAC said the IPO will be completed by the end of the year. IAC shares rose as much as 11% in late trading Monday, but lately rose 3.2% after ending the regular session down 1.6%.
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