(Reuters) -IAC posted a 15% rise in second-quarter core profit on Monday, helped by the steady growth of its biggest business and a reduction in operating expenses. The media and internet company, which owns brands such as Food & Wine and Investopedia, posted adjusted earnings before interest, taxes, depreciation and amortization of $51.4 million for […]
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IAC’s quarterly core profit rises after boost in digital media
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(Reuters) -IAC posted a 15% rise in second-quarter core profit on Monday, helped by the steady growth of its biggest business and a reduction in operating expenses.
The media and internet company, which owns brands such as Food & Wine and Investopedia, posted adjusted earnings before interest, taxes, depreciation and amortization of $51.4 million for the quarter, up from $44.8 million a year ago.
Dotdash Meredith, IAC’s biggest business — which was recently rebranded as People — reported a 9% growth in digital revenue for the quarter, driven by higher premium advertising in the health and pharmaceuticals, technology and travel categories.
Quarterly operating expenses fell 10.6% to $586.4 million.
IAC’s revenue for the quarter ended June 30 came in at $586.9 million, below analysts’ average estimate of $601.3 million, according to data compiled by LSEG.
IAC revised its adjusted EBITDA expectations to between $247 million and $285 million for fiscal 2025, compared to its earlier forecast of $240 million to $295 million.
Early in the reported quarter, IAC completed the spin-off of its majority stake in the home services unit Angi.
(Reporting by Juby Babu in Mexico City; editing by Alan Barona)