IAC's core profit more than doubles in fourth quarter (updated)

People Incorporated

13/02/2024 23:27

(Adds CEO comments in paragraphs 4-5)
       Feb 13 (Reuters) - Internet holding company IAC  IAC.O 
said on Tuesday that a key profit metric doubled in the fourth
quarter, amid an uptick in online traffic and advertising
revenue, as well as profit growth in its three biggest
businesses. 
    Adjusted earnings before interest, taxes, depreciation, and
amortization( EBITDA) jumped 57.3% for the company, which owns
Dotdash Meredith, America's largest digital and print publisher,
as well as brands such as the Daily Beast and care services
platform Care.com. 
    Revenue at Dotdash Meredith, its biggest business, fell 0.3%
to $475.9 million from a year earlier, with digital revenue
rising 9% and print revenue declining 12%.
    "The fourth quarter at Dotdash Meredith delivered on the
long-anticipated return to growth ... momentum is back on our
side," CEO Joey Levin said in a prepared statement to
shareholders. 
        "After a soft October, our advertising business improved
significantly in November and December, achieving the healthiest
performance since early 2022 across premium, programmatic, and
Performance Marketing."
  
    Revenue for IAC came in at $1.058 billion, close to
analysts' estimates of $1.062 billion per LSEG data.
    For the 2024 financial year, the company expects core profit
to be between $320 million and $420 million. 
    

 (Reporting by Seher Dareen in Bengaluru; Editing by Anil
D'Silva)
 ((Seher.Dareen@thomsonreuters.com; If in India call +91 74832
70128;))