February 5, 2020 / 9:39 PM / in 19 days

IAC misses quarterly revenue estimates

(Reuters) - IAC/InterActiveCorp reported quarterly revenue just shy of Wall Street estimates on Wednesday, hurt by weakness in the digital media company’s homeservices platform and applications business.

The company’s revenue rose about 10% to $1.22 billion, marginally below analysts’ average estimate of $1.23 billion, according to IBES data from Refinitiv.

IAC, which is set to spin off its largest business Match Group, has been focusing on its smaller businesses including publishing arm Dotdash and video hosting platform Vimeo.

ANGI Homeservices, formed by merging IAC’s HomeAdvisor and consumer review platform, Angie’s List, reported a revenue of $321.5 million, missing analysts’ average estimate of $325.6 million, hurt by marginal growth in its European market.

Revenue at the company’s desktop and mobile applications business dropped 23.7% to $116.9 million, missing analysts’ average estimate of $121.9 million.

Net income attributable to IAC shareholders fell to $100.4 million, or $1.05 per share, in the fourth quarter ended Dec. 31, from $191.8 million, or $2.04 per share, a year earlier.

Reporting by Ayanti Bera in Bengaluru; Editing by Vinay Dwivedi

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