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IAC Shares Rally On Vimeo Funding, Possible Spinout

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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

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