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IAC/Interactive beats Street 2Q forecasts

NEW YORK (AP) _ IAC/InterActiveCorp (IAC) on Wednesday reported second-quarter net income of $66.3 million, after reporting a loss in the same period a year earlier.

The New York-based company said it had profit of 70 cents per share. Earnings, adjusted for one-time gains and costs, were 74 cents per share.

The results topped Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 70 cents per share.

The media and internet company posted revenue of $767.4 million in the period, which also beat Street forecasts. Four analysts surveyed by Zacks expected $759.3 million.

IAC/Interactive shares have increased 61 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $104.44, an increase of 79 percent in the last 12 months.

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This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on IAC at https://www.zacks.com/ap/IAC

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Keywords: IAC/Interactive, Earnings Report