IAC INC Reports Record Q2 Financial Results for FY2023
August 19, 2023
🌥️Earnings Overview
IAC INC ($NASDAQ:IAC) has released its financial results for the second quarter of FY2023, with the period ending June 30, 2023. Total revenue was USD 1111.6 million, which marks a decrease of 18.4% compared to the same quarter in the prior year. The net income reported was -89.0 million, a huge improvement from the -869.1 million reported in the year before.
Price History
On Tuesday, IAC INC reported record financial results for the second quarter of FY2023. The company’s stock opened at $66.1 and closed at $67.1, down 0.5% from the previous closing price of 67.4. IAC INC’s financial success was largely driven by strong growth in its core businesses, including streaming, online dating, advertising, search and content businesses.
The company’s streaming division reported an increase of nearly 30% in subscribers from the prior year quarter. In addition to its strong financial results, IAC INC’s management team indicated that they plan to use the strong cash flow generated from these results to make strategic investments in its businesses and to pursue stock repurchases. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Iac Inc. More…
| Total Revenues | Net Income | Net Margin |
| 4.74k | 252.19 | -8.8% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Iac Inc. More…
| Operations | Investing | Financing |
| 53.37 | -296.74 | -242.21 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Iac Inc. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 10.55k | 3.74k | 71.24 |
Key Ratios Snapshot
Some of the financial key ratios for Iac Inc are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| -0.7% | – | 9.9% |
| FCF Margin | ROE | ROA |
| -2.5% | 4.7% | 2.8% |
Analysis
At GoodWhale, we have conducted an in-depth analysis of IAC INC‘s financials. The outcome of our analysis is that IAC INC is a high risk investment in terms of both financial and business aspects. We have also detected two risk warnings in IAC INC’s income sheet and cashflow statement. As a registered user, you can check out these warnings for more information. Our analysis highlights areas where IAC INC can improve their financials and reduce risk. Our expert team at GoodWhale can provide further guidance and assistance to help you make the right decision when it comes to investing in IAC INC. With our reliable and up-to-date financial insights, you can confidently make a sound decision that can maximize returns while minimizing risk. More…
Peers
IAC/InterActiveCorp is headquartered in New York City.
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Summary
IAC INC reported their second quarter financial results for FY2023, with total revenue of USD 1111.6 million, a decrease of 18.4% compared to the same quarter last year. Net income improved to -89.0 million from the previous year’s -869.1 million, a significant increase. From an investing perspective, the company appears to be making progress toward profitability, although there is clear room for improvement.
The overall revenue decline could be a sign that the company is struggling to remain competitive and that further cost-cutting measures may be necessary. Investors should continue to monitor the company’s progress as it works to become profitable again and develop strategies to improve its market share.
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