IAC’s Sales Up 16 Percent As Ask.com Rebounds

IAC (NSDQ: IACI) said a better performance at its Ask.com search unit helped drive a larger-than-expected jump in revenue during its most recent quarter. All of IAC’s business units — with the exception of Match.com — posted double-digit percentage increases in revenue. Operating income was also up across the board. IAC credited the slight sales drop at Match.com to the sale of Match Europe last summer, which it said was only somewhat offset by its recent acquisitions of People Media and Singlesnet.
Overall, the company’s sales were up 16 percent to $385.9 million. Excluding special items, IAC posted EPS of zero cents 14 cents, compared to a loss of 2 cents a share during the same quarter a year ago. On average, analysts had expected $350 million in revenue and 7 cents in EPS.
Meanwhile, IAC’s cash pile is shrinking, albeit slowly; the company — which has been busily buying back stock — says it now has $1.5 billion in cash and marketable securities, compared to $1.7 billion last quarter.
Expect the usual questions about IAC’s plans for its cash during the call. We’ll be covering it here.