IAC (IAC) Misses Q1 EPS by 6c, Sales Beat

IAC (NASDAQ: IAC) reported Q1 EPS of $0.29, $0.06 worse than the analyst estimate of $0.35. Revenue for the quarter came in at $760.8 million versus the consensus estimate of $717.36 million.

· IAC announced on May 1, 2017 it has entered into a definitive agreement to combine IAC’s HomeAdvisor and Angie’s List into a new, publicly traded company, to be called ANGI Homeservices Inc. IAC will own between approximately 87% and 90% of the new company at closing, which is expected to take place in Q4 2017.

· HomeAdvisor revenue increased 35% to $150.7 million driven by a 38% increase in domestic revenue and a 35% increase in European revenue. Domestic revenue growth was driven by 34% growth in paying service professionals to 156,000 and 34% growth in service requests.

· Operating income increased 215% to $6.0 million and Adjusted EBITDA more than doubled to $11.1 million.

· HomeAdvisor acquired HomeStars on February 8, 2017 and MyBuilder on March 24, 2017, leading home services platforms in Canada and the United Kingdom, respectively.

· Match Group revenue increased 15% to $298.8 million due to 16% growth in Average PMC to 5.9 million globally led by continued strength at Tinder, PlentyOfFish and Pairs (in Japan).

· Operating income increased 72% to $58.9 million and Adjusted EBITDA increased 28% to $86.2 million.

· On March 31, 2017, Match Group completed the sale of its non-dating business, which operated under the umbrella of The Princeton Review.

· In the Video segment, Vimeo subscribers ended Q1 2017 at 800,000, up 15% year-over-year with gross bookings increasing 21% year-over-year, both growth rates accelerating versus Q4 2016.

· In the Applications segment, Consumer revenue increased 11% year-over-year including 164% growth at Apalon, which now comprises 10% of total Applications revenue.

· Operating income increased 18% to $32.8 million and Adjusted EBITDA increased 12% to $34.9 million.

For earnings history and earnings-related data on IAC (IAC) click here.

You May Also Be Interested In

• Lockheed Martin (LMT) Tops Q1 EPS by 53c, Beats on Revenue; Offers FY24 Guidance
• NextEra Energy (NEE) Tops Q1 EPS by 16c, provides guidance
• GATX Corp. (GATX) Tops Q1 EPS by 25c