IAC says June digital revenue at media arm hit by weak advertiser demand

Angi

13/07/2022 23:08

July 13 (Reuters) - IAC/InterActiveCorp  IAC.O  said on
Wednesday June digital revenue at its media arm Dotdash Meredith
was impacted by softening advertiser demand, as well as site
migrations delays and sales force integration.
    Several digital platforms, including Alphabet Inc  GOOGL.O 
and Snap Inc  SNAP.N , have warned of pressure from inflation,
the Ukraine war and the end of a COVID-induced lift to
advertising after unprecedented revenue growth last year.
    Dotdash Meredith, which was formed after IAC's unit bought
Meredith Corp last year in a deal valued at about $2.7 billion,
saw its digital revenue grow 207% in June, compared to a 225%
rise in May. (https://bit.ly/3RHZeXE)
    IAC, however, said its largest unit and homeservice
business, Angi Inc  ANGI.O , saw accelerating growth in June
driven by its Ads and Leads business due to normalizing supply
and demand dynamic.

 (Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by
Shailesh Kuber)
 ((AnanyaMariam.Rajesh@thomsonreuters.com ; Twitter: https://twitter.com/AnanyaMariam))