Seeking Alpha

InterActiveCorp investors take profits after Q2 beat

  • Though InterActiveCorp's (IACI -7%) Q2 results beat expectations, investors are taking profits following a strong rally from the Internet mini-conglomerate's January lows.
  • Slumping margins might be worrying some investors. IAC's Q2 op. margin was 13.3%, down from 14.3% a year ago. A key reason: IAC's Local and Media units, which include video site Vimeo (seeing "strong growth"), local ad platform CityGrid (seeing declining revenue), and the struggling Newsweek Daily Beast JV, saw a combined $8M op. loss vs. a $4.4M op. profit a year ago.
  • The Search & Applications division (53% of revenue, includes Ask.com) performed well: sales +23% Y/Y (+13% exc. the About.com purchase) and op. income +21% to $89.3M.
  • Match division (online dating) sales +9%; op. income +2% to $58.4M.
  • $73.1M was spent on buybacks.
  • Q2 results, PR

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