IAC’s stock climbs 10% on sales, earnings beats

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IAC’s stock climbs 10% on sales, earnings beats
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Shares of IAC Inc. are on the rise after the internet and media holding company posted sales of $1.08 billion, down 18% from a year ago but eclipsing analyst...

Shares of IAC Inc. IAC are on the rise after the internet and media holding company posted sales of $1.08 billion, down 18% from a year ago but eclipsing analyst estimates of $1.06 billion. IAC posted fiscal first-quarter net earnings of $417.8 million, or $4.57 a share, vs. a $235.8 million loss in the year-ago quarter. This year’s profit includes an unrealized gain of $704.8 million from IAC’s stake in MGM Resorts International. IAC’s majority owned Angi Inc.

IAC are on the rise after the internet and media holding company posted sales of $1.08 billion, down 18% from a year ago but eclipsing analyst estimates of $1.06 billion. IAC posted fiscal first-quarter net earnings of $417.8 million, or $4.57 a share, vs. a $235.8 million loss in the year-ago quarter. This year’s profit includes an unrealized gain of $704.8 million from IAC’s stake in MGM Resorts International. IAC’s majority owned Angi Inc.

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