UPDATE: IAC/InterActiveCorp Shares Rise After Upbeat Q3 Results
Shares of IAC/InterActiveCorp (NASDAQ: IACI) gained more than 3.5% in pre-market trading after the company reported stronger-than-expected profit for the third quarter.
The New York-based company posted a quarterly profit of $326.8 million, or $3.68 per share, versus a year-earlier profit of $96.9 million, or $1.13 per share. Excluding certain items, the company's earnings dropped to $0.92 per share from $1.29 per share.
Its total revenue gained 3.3% to $782.2 million. However, analysts were expecting earnings of $0.66 per share on revenue of $752 million.
Revenue for IAC's Match Group gained 12% to $230.2 million, while revenue in the e-commerce unit surged 14% to $107.8 million. The media division's revenue declined to $49.9 million in the quarter, while search and applications unit's revenue slipped 3.1% to $394.7 million.
Paid subscribers for its dating businesses increased 9% to over 3.6 million in the quarter.
As of September 30, 2014, the company had $1.1 billion in cash and cash equivalents and marketable securities as well as $1.1 billion in long-term debt.
IAC declared a quarterly cash dividend of $0.34 per share.
IAC/InterActiveCorp shares gained 3.62% to $67.52 in pre-market trading.
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