(Reuters) – IAC/InterActiveCorp reported an 11% rise in quarterly revenue on Wednesday, as its online dating business and video hosting platform added more stuck-at-home users.
Surge in users in these units partially offset a drop in demand in its homeservices platform ANGI, which reported quarterly revenue of $343.6 million, missing estimates of $345.8 million, according to IBES data from Refinitiv.
IAC flagged last month that demand for ANGI’s services had dropped considerably as people were shelving plans to renovate their houses amid the COVID-19 pandemic.
The company, which pulled its full-year forecast in late April, expects second quarter to be tougher, Chief Executive Officer Joey Levin said in a letter to shareholders.
However, it had also signaled a spike in demand for Vimeo’s video tools in the quarter as more people shift to working and learning remotely. Revenue at this unit rose 31% to $57 million, above estimates of $54.5 million.
Match Group, that forms nearly…
Source Reuters Tech News
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