(Reuters) – IAC/InterActiveCorp reported a 5.5% rise in quarterly revenue on Monday, as more people used its video hosting and homeservice platforms while sheltering at home under coronavirus lockdowns.
This was the first quarterly report from IAC, owned by television mogul Barry Diller, after the digital media company spun off its online dating business Match Group Inc on June 30.
IAC said revenue for its largest unit, ANGI Homeservices, rose 9% to $375.1 million, beating estimates of $347 million, according to IBES data from Refinitiv. ANGI lets users hire service professionals for jobs such as cleaning, repairing and landscaping.
The company had earlier said demand for ANGI’s services dropped considerably in March as people shelved plans to renovate their houses amid the pandemic.
IAC also benefited from higher demand for Care.com, as more people used the online marketplace to hire in-home caregivers for their kids and elderly family members during the pandemic.
Demand for video platform Vimeo also rose as lockdowns prompted people to work and study remotely, boosting the unit’s revenue 47% to $67.3 million, above estimates of $61.6 million.
IAC’s overall revenue rose to $726.4 million for the quarter ended June 30.
Net loss attributable to IAC shareholders was $96.1 million, compared with a profit of $13.8 million last year, hurt by $52.4 million of stock-based compensation charges related to the Match Group divestiture.
Earlier in the day, IAC said it bought a 12% stake in casino operator MGM Resorts International for about $1 billion, primarily attracted to its online gaming business.
(Reporting by Ayanti Bera in Bengaluru; Editing by Devika Syamnath)
