IAC Reports A Profit Of $18.1 Million
IAC/InterActiveCorp (NASDAQ:IACI) has reported a first quarter profit of $18.1 million this quarter. They recently renewed a contract with Google Inc. (NASDAQ:GOOG) that estimated to be worth $5.5 billion over 5 years. Google provides IAC with search products and advertising services.
Even though Ask.com has showed improvements, IAC is facing an increase in costs as The Daily Beast subsidiary recently acquired Newsweek magazine. During the same period last year, IAC reported a loss of $18.7 million.
IAC’s overall revenue had increased 22% to $460.2 million. Match.com’s revenue increased 25% and operating income surged 71% for the quarter. Home improvement referral website ServiceMagic had a 10% revenue gain and operating income had risen 59%.
[WSJ]This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry