[ad_1]
By Denny Jacob
IAC/InterActiveCorp. logged better-than-expected revenue in the first quarter, boosted by its Dotdash segment following the acquisition of Meredith Holdings Corp.
IAC, the owner of ANGI Homeservices Inc. and Dotdash, said it swung to a loss attributable to IAC shareholders of $235.8 million, or a loss of $2.72 a share, for the quarter ended March 31, compared to a profit attributable to IAC shareholders of $329.1 million, or $3.36 a share, in the year-ago period. Analysts polled by FactSet expected a loss of 60 cents a share.
Revenue jumped 68% to $1.33 billion from $786.6 million. Analysts polled by FactSet expected $1.31 billion.
The surge in revenue was largely due to its Dotdash Meredith segment, which the company said benefitted from the acquisition of Meredith Holdings. Revenue increased 665% over the prior year to $500.5 million from $65.4 million.
Dotdash closed the acquisition of Meredith, the owner of publications such as PEOPLE, Better Home & Gardens, Food & Wine and InStyle, in December.
IAC said it holds 63.5 million shares in casino and entertainment operator MGM Resorts International, which are worth $2.4 billion as of Friday.
Write to Denny Jacob at denny.jacob@wsj.com
[ad_2]
Source link
