ANGI beats quarterly revenue, IAC explores off Match option

The digital media company owns an 80.4% economic interest in Match and 83.3% in ANGI.

InterActiveCorp said it was exploring the possibility of rolling its stake in matchmaking group Tinder-parent and online service provider ANGI Homeservice after reporting better-than-expected quarterly earnings on Wednesday.

Chief Financial Officer Glenn Schiffman for Reuters “We are starting an official process to determine whether we should turn those businesses over to shareholders.”

IAC, owned by television giant Barry Diller, has a history of building businesses and later splitting them into separate companies.

In the past, it has distributed shares of four of its businesses – travel services company Expediat online Lending Tree, Ticketmaster ticketing platform and Home Shopping Network – among shareholders to focus on online, media and advertising businesses.

Schiffman said in the event of the latest outage, the company will shift focus to its Vimeo hosting video platform, Dotdash content website, BlueCrew on-demand personnel platform and its desktop app segment.

EU RISK RISK ESTIMATES

Strong sales on meeting platforms and IAC home services led to a 12% increase in second quarter revenue to $ 1.19 billion, above analyst estimates of $ 1.18 billion, according to IBES data from Refinitiv.

Driven by growth in Tinder users, Match Group projected its third-quarter sales above the ratings, sending its stake more than 17% in extended trading on Tuesday.

ANGI Homeservice, formed by the merger of IAC’s Homeociation and Angie’s consumer review platform, reported 17% higher revenue of $ 343.9m on Wednesday, but lost estimates of $ 352.9m, surveyed by four Refinitive analysts.

Net income attributable to IAC fell to $ 113.5 million, or $ 1.19 per share, for the quarter ended June 30, from $ 218.4 million, or $ 2.32 per share, a year earlier./Investing.com

Stay updated with INFOEUROPEFX to find out the latest news about technology.