People Are Online Dating More Than Ever (IAC)
IAC/InterActiveCorp (NASDAQ: IACI) reported second quarter earnings this morning, handily beating Wall Street estimates. This was highlighted by the growth in its search business and particularly, its Match online dating businesses. For the second quarter, IAC earned 12 cents per share, down 67% from the 28 cents a share, in the second quarter of 2009. This is due to the sale of the company's Match Europe operations.
Excluding one-time items, IAC earned 24 cents a share, 4 cents better than estimates. Revenue jumped nearly 20% to $402.9 million, more than the $382.6 million analysts were expecting.
Match, which is InterActiveCorp's second largest division, and includes dating websites like Match.com and Chemistry.com, saw its revenue climb 10 percent to $97 million. This was the result of a huge jump of subscribers. The number of paid Match users were up 48% from last year to 1.7 million by the end of June.
Shares of InterActiveCorp closed at $23.73 on Tuesday.
