Web-holding co IAC's revenue jumps 28 percent in Q4

Wed Feb 6, 2013 4:50pm EST

* Revenue jumps, but restructuring eats into income

* Shares flat

SAN FRANCISCO Feb 6 (Reuters) - IAC/InteractiveCorp's revenue increased 28 percent in the fourth quarter, surpassing Wall Street targets, but restructuring charges related to its "News_Beast" publication contributed to a near-17 percent drop in net income.

IAC, which owns search, dating and media websites, said on Wednesday revenue in the three months ended December was $765.3 million, compared with $596.9 million in the year-ago period and above the $758.1 million expected by analysts polled by Thomson Reuters I/B/E/S.

Its search business, which includes Ask.com as well as the recently acquired About.com, increased sales by 30 percent in the fourth-quarter to $403.6 million. Revenue in IAC's online dating segment rose 16 percent to $182.6 million.

IAC incurred $11.5 million in charges in the fourth quarter, with $7 million of the charges related to IAC's decision to cease print publication of Newsweek Daily Beast and to make it an online-only publication.

Net income was $40.7 million, or 43 cents per share, versus $48.8 million, or 53 cents per share in the year-ago period. Excluding certain items, IAC said it had EPS of 70 cents.

Shares of IAC stood unchanged at about $43.01 in after hours trading.

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.