IAC/InterActiveCorp IAC reported $726.4 million in second-quarter sales Monday, a 38.8% decrease over sales of $1.19 billion in the same period last year.
The company reported second-quarter GAAP EPS $1.13 versus 16 cents in the same quarter last year and adjusted EBITDA at $14.9 million versus $55.6 million in the second quarter of last year.
IAC's Match Group, MGM Updates: IAC completed the separation of Match Group Inc MTCH from the remaining IAC businesses on June 30.
In recent months, IAC said it has accumulated a 12% interest in MGM Resorts International MGM for an aggregate $1 billion.
IAC CEO Joey Levin and Barry Diller, its chairman and senior executive, said in a Monday letter to shareholders that they began analysis of the gaming sector with a focus on a portion of MGM's revenue that's so small that it rounds down to zero: its online gaming revenue.
Diller has spent more than $1 billion to purchase 59 million shares of MGM Resorts.
“We’ve followed the online gaming space for a while, looking for an opportunity to enter, but we were generally unsatisfied with the landscape we saw," the execs said in the letter.
MGM "pairs a strong physical presence and brand with talented online operators in a fast-growing joint venture in online gaming,” Levin and Diller said.
IAC Price Action: IAC shares were trading down 1.34% at $131.27 in Monday's after-hours session. The stock has a 52-week high of $136.02 and a 52-week low of $100.22.
MGM shares gained 13.83% in Monday's regular session to close at $21.65.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.
Rate collection and criteria: Click here for more information on rate collection and criteria.