Dillers IAC Increases Revenue 23% on Web-Search, Personal-Dating Sites - Bloomberg

IAC/InterActiveCorp., the operator of Match.com and Ask.com, reported a 23 percent increase in second-quarter revenue from Web search products and growth in online dating subscribers.

Net income at IAC, the Web-based businesses built and controlled by Barry Diller, increased to $42.4 million, or 44 cents a share, from $13.6 million, or 12 cents a share a year earlier, the New York-based company said today in a statement. Earnings excluding some items were 62 cents a share, topping the 38 cent average estimate of 11 analysts in a Bloomberg survey.

IAC, which operates more than 50 Internet sites, is building a wide range of digital content and service-oriented businesses. In February the company formed a joint venture with Newsweek magazine to combine the publications operations with the news website Daily Beast.

Sales increased to $485.4 million from $394.2 million a year earlier, the company said in the statement. That compares with the $465.2 million analysts had projected. The largest share of that growth came from IACs Web search products including Mindspark, Ask.com and Dictionary.com.

IACs Match.com said in May that it would make a tender offer for the 73 percent of Meetic SA that it did not already own. The offer valued the French dating service at $493 million.

IAC dropped 30 cents to $37.79 yesterday in Nasdaq Stock Market trading. The shares have risen 32 percent this year before today.

(IAC will audiocast its conference call with investors today at 11 a.m. New York time. The live audiocast can be heard at http://www.iac.com/investors.)

To contact the reporter on this story: Brett Pulley in New York at bpulley@bloomberg.net

To contact the editor responsible for this story: Peter Elstrom in New York at pelstrom@bloomberg.net.


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