IAC Shares Rally On Vimeo Funding, Possible Spinout
IAC/InterActive Corp shares are trading higher after reporting third-quarter earnings and announcing a possible spinoff of its Vimeo business.
Q3 Earnings: Third-quarter revenue was up 12% year-over-year.
The company reported revenue up 9% to $389.9 million for its ANGI Homeservices business. Dotdash revenue grew 26% year-over-year to $50.8 million, marking the 14th consecutive quarter of double-digit revenue growth.
Search revenue was $145.2 million for the third quarter.
Vimeo Performance: In the third quarter, Vimeo revenue grew 44% year-over-year to $75.1 million.
Subscribers grew 21% year-over-year to 1.46 million. The average revenue per subscriber grew 22% in the quarter.
The company reported its first quarter of positive adjusted EBITDA.
Reported by Benzinga