IAC earnings top expectations as company says it's refocusing on the 'basics'

IAC/InterActiveCorp. topped earnings expectations for its latest quarter on Monday while matching expectations on revenue and promising a return to the “basics” this year.

The company generated a fourth-quarter net loss of $1.4 million, or 2 cents a share, whereas it generated net income of $13.0 million, or 14 cents a share, in the year-earlier quarter. Analysts tracked by FactSet were expecting a 55-cent loss per share on a GAAP basis. “The ad market softened appreciably in November and December, as many brands froze their marketing spending in a season when budgets normally peak,” IAC Chief Executive Joey Levin said in a shareholder letter.

“I don’t regret the efforts we made over the last several years to access new markets and transform the homeowner experience – we need to take risks and try new things,” Levin said in the shareholder letter. “I only regret that, in the pursuit of those new opportunities, I believe we lost sight of some of the basics.”

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