IAC/InterActive Corp. swung to a profit in the June quarter, as revenue at its Match Group grew 19% ahead of the division’s planned initial public offering.
Earnings beat expectations, sending shares up 1.7% in recent aftermarket trading.
IAC’s IACI, +0.71% Match Group, which includes the dating site Match.com, reported a revenue increase of 19%. The segment benefited from 18% growth in subscribers for its dating businesses, along with contributions from its acquisition of test-prep service The Princeton Review and from FriendScout24. The revenue increase would have been 25% were it not for the negative effect of the strong dollar.
In June, the company followed through on a long-expected plan to pursue an IPO of Match, which houses the dating sites and apps Match.com, Tinder and OkCupid. Match itself agreed to buy dating site PlentyOfFish for $575 million in cash before its proposed initial public offering.
#AllTheNews 