IAC/InterActiveCorp. logged better-than-expected revenue in the first quarter, boosted by its Dotdash segment following the acquisition of Meredith Holdings Corp.
the owner of ANGI Homeservices Inc.
and Dotdash, said it swung to a loss attributable to IAC shareholders of $235.8 million, or a loss of $2.72 a share, for the quarter ended March 31, compared to a profit attributable to IAC shareholders of $329.1 million, or $3.36 a share, in the year-ago period. Analysts polled by FactSet expected a loss of 60 cents a share.
Revenue jumped 68% to $1.33 billion from $786.6 million. Analysts polled by FactSet expected $1.31 billion.
The surge in revenue was largely due to its Dotdash Meredith segment, which the company said benefitted from the acquisition of Meredith Holdings. Revenue increased 665% over the prior year to $500.5 million from $65.4 million.
Dotdash closed the acquisition of Meredith, the owner of publications such as PEOPLE, Better Home & Gardens, Food & Wine and InStyle, in December.
IAC said it holds 63.5 million shares in casino and entertainment operator MGM Resorts International, which are worth $2.4 billion as of Friday.
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