(Reuters) - IAC posted a 24% rise in its core profit in the second quarter, banking on advertising and licensing revenues of Dotdash Meredith, its biggest business.
The media and internet company, which owns brands such as the Daily Beast and Care.com, posted earnings before interest, taxes, depreciation and amortization (EBITDA) of $87.3 million for the quarter, up from $70.2 million a year ago.
Dotdash Meredith, the biggest U.S. digital and print publisher, posted revenue of $425.2 million, up 3%, helped by a 16% rise in advertising revenue and 19% growth in licensing and other revenue, lead by its partnerships with Apple (NASDAQ:AAPL) News+ and OpenAI.
IAC's revenue for the second quarter came in at $949.5 million, above analysts' estimates of $943.1 million, according to LSEG data.
The company tightened its annual core profit forecast to between $335 million and $410 million from its prior projection of $320 million to $420 million.
IAC was among the suitors for the coveted Paramount Global (NASDAQ:PARA), but company's owner billionaire Barry Diller said last month that IAC was no longer in the race to buy Paramount, which scored a deal with David Ellison's Skydance Media early in July.