IAC/InterActiveCorp, Barry Diller's Internet media conglomerate, just posted strong quarterly profits, helped by improved results at Home Shopping Network, Ticketmaster and Match.com.
Their shares rose as much as 8% in early trading thanks to results being better than analysts expected. 4th quarter profits were $113.1 million, versus a net loss of $45.9 million a year earlier.
Revenue rose 45%, to $1.79 billion from $1.24 billion, which was slightly higher than consensus expectationsa. They were helped by the acquisitions of AskJeeves and online retailer Cornerstone Brands.
IAC keeps powering ahead. And who said conglomerates were going the way of dinosaurs. Well, maybe industrial conglomerates are - but not so tech conglomerates. IAC is one of the first true M&A driven Internet conglomerate of size.
I always get an unsettling feeling with IAC about how strong the performance is at each of their underlying businesses. For they can't keep growing forever through such aggressive M&A. What happens when the music stops and they have to prove their organic growth engine. I wonder.
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