IAC's core profit more than doubles in fourth quarter
(Reuters) -Internet holding company IAC said on Tuesday that a key profit metric doubled in the fourth quarter, amid an uptick in online traffic and advertising revenue, as well as profit growth in its three biggest businesses.
Adjusted earnings before interest, taxes, depreciation, and amortization( EBITDA) jumped 57.3% for the company, which owns Dotdash Meredith, America's largest digital and print publisher, as well as brands such as the Daily Beast and care services platform Care.com. Revenue at Dotdash Meredith, its biggest business, fell 0.3% to $475.9 million from a year earlier, with digital revenue rising 9% and print revenue declining 12%.
"The fourth quarter at Dotdash Meredith delivered on the long-anticipated return to growth ... momentum is back on our side," CEO Joey Levin said in a prepared statement to shareholders.
"After a soft October, our advertising business improved significantly in November and December, achieving the healthiest performance since early 2022 across premium, programmatic, and Performance Marketing."
Revenue for IAC came in at $1.058 billion, close to analysts' estimates of $1.062 billion per LSEG data.
For the 2024 financial year, the company expects core profit to be between $320 million and $420 million.
(Reporting by Seher Dareen in Bengaluru; Editing by Anil D'Silva)
