IAC's stock climbs 10% on sales, earnings beats
Shares of IAC Inc. (IAC) are on the rise after the internet and media holding company posted sales of $1.08 billion, down 18% from a year ago but eclipsing analyst estimates of $1.06 billion. IAC posted fiscal first-quarter net earnings of $417.8 million, or $4.57 a share, vs. a $235.8 million loss in the year-ago quarter. This year's profit includes an unrealized gain of $704.8 million from IAC's stake in MGM Resorts International. IAC's majority owned Angi Inc. unit hauled in $392 million in sales, reflecting the change to net revenue recognition for Services, which took effect Jan. 1, 2023. Shares of IAC are up 21% so far this year; the SPX 500 index is up 7% in 2023.
-Jon Swartz
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
05-09-23 1714ET
Copyright (c) 2023 Dow Jones & Company, Inc.-
What’s Happening In the Markets This Week
-
What the Next Bitcoin Halving Means for ETF Investors
-
Going Into Earnings, Is Microsoft a Buy, a Sell, or Fairly Valued?
-
Big Banks: High Interest Rates and Sticky Inflation Haven’t Dented Consumer Spending
-
Is the World Deglobalizing?
-
How to Position Your Investment Portfolio Before the 2024 Election
-
Q2 Update: 2024 Outlook for the Stock Market and Economy
-
6 Stocks to Sell and 6 Stocks to Buy Instead
-
Israel’s Response to Iran’s Strike Confirms Minimal Escalation View; Oil Markets Remain Oversupplied
-
TSMC Earnings: Shares Cheap as Cautious Capital Spending and Industry Outlook Dent Sentiment
-
Netflix Earnings: Incredible Quarter, but Investors Fear Slowdown
-
KeyCorp Earnings: 2024 Net Interest Income Outlook Unchanged; Fees Strong and Expenses Stable
-
Lithium Americas: Shares Plunge on Equity Issuance
-
4 Undervalued Semiconductor Stocks
-
Comerica Earnings: Net Interest Income and Expense Outlook Steady
-
Kinder Morgan Earnings: AI Growth Likely to Add Second Leg to Gas Demand on Top of US LNG Exports