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IAC/InterActiveCorp (NASDAQ:IACI) Slips on Swing to Q2 Loss

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By on Technology & Software

IAC/InterActiveCorp (NASDAQ:IACI) shares declined Wednesday, after the media company reported it swung to a Q2 loss and recorded an adjusted profit that was well below analysts’ expectations while revenue also missed the Street consensus.

Still, the company boosted its quarterly cash dividend rate by more than 40% to $0.34 per share, payable Sept. 1 to stockholders of record as of the close of business on Aug. 15.

IACI was down 4.3% at $63.92 in recent trading shortly after the open, in a 52-week range of $48.65 to $80.64.

The company swung to a Q2 net loss of $18 million, or $0.22 per diluted share, from a prior-year profit of $58.3 million, or $0.67 per diluted share. Adjusted to exclude one-time items, it earned $0.04 per share in the latest quarter, down sharply from $0.95 per share a year earlier, and well below the profit of $0.81 per share expected on average by analysts polled by Capital IQ.

Revenue fell 5.4% to $756.3 million, missing analysts’ mean estimate of $795 million. The company said “solid growth at The Match Group and HomeAdvisor and strong growth at Vimeo were more than offset by declines at Search & Applications, the closure and sale of Newsweek print and digital and the restructuring of CityGrid Media.”

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