NEW YORK – IAC/Interactive Corp (NASDAQ: IAC) reported its first-quarter financial results, which revealed a mixed performance.
The company announced earnings per share (EPS) of $0.51, significantly surpassing the analyst consensus estimate of -$1.29. Despite the strong earnings beat, revenue for the quarter was slightly below expectations, coming in at $929.7 million compared to the consensus estimate of $934.48 million.
The results also showed that the company's revenue saw an increase from the same quarter last year, indicating growth. However, the stock experienced a modest decline of 1% following the announcement, reflecting investor reaction to the revenue shortfall.
IAC's CEO Joey Levin expressed confidence in the company's trajectory, stating, "Our ability to exceed expectations on earnings while continuing to invest in our core businesses speaks to the strength and resilience of our model."
Investors and analysts will have the opportunity to delve deeper into the company's financials and future plans during the upcoming conference call, which will include discussions on both IAC and Angi Inc.'s first-quarter results.
The call is scheduled for tomorrow at 8:30 a.m. ET and will be accessible through IAC's investor relations website.
IAC, known for building companies and fostering growth across various sectors, remains committed to its principles of financially disciplined opportunism as it continues to evolve. With a diverse portfolio of category-leading businesses including Angi Inc., Dotdash Meredith (NYSE:MDP), and Care.com, IAC maintains a strong presence in its respective markets.
Investors will be keeping a close eye on how IAC's strategic initiatives unfold in the coming quarters, as the company strives to meet its financial goals and enhance shareholder value.
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