(Reuters) – IAC reported a rise in core profit in the first quarter on Monday, driven by lower expenses and steady growth in its largest business.
Dotdash Meredith, IAC’s biggest business, which owns and operates top brands such as Food & Wine magazine and Investopedia, reported a 7% rise in digital revenue, thanks to higher premium advertising revenue.
“DDM’s (Dotdash Meredith) sheer scale, loyal audiences, beloved brands like PEOPLE and advertising performance continue to differentiate it from the industry and underscore its growth potential,” said Barry Diller, IAC’s chairman and senior executive.
IAC reported adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of $50.9 million for the quarter ended March 31, up from $5.5 million a year ago.
For the first quarter, the company reported a 22% decline in operating expenses, which fell to $534.7 million.
Early in April, IAC completed the spin-off of its majority stake in the home services unit Angi.
IAC’s total revenue came in at $570.5 million for the first quarter, compared with $624.3 million a year earlier.
(Reporting by Harshita Mary Varghese in Bengaluru; Editing by Mohammed Safi Shamsi)
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