IAC Reports Lower Revenue for Q4 2023

IAC, the New York-based owner of internet and media assets, experienced a decline in revenue for the fourth quarter of 2023. Several segments within the company faced challenges, including reduced circulations of certain publications and decreased marketing efforts.

The company reported earnings attributable to shareholders of $327.8 million, or $3.70 per share, for the period ending December 31. This marked a significant improvement compared to the previous year when shareholders incurred a loss of $1.4 million, or 2 cents per share. Analysts surveyed by FactSet had anticipated a loss of 18 cents per share.

IAC's revenue saw a 15% decline, totaling $1.06 billion, which aligned with analysts' predictions.

Notably, revenue dropped sharply across various segments such as Angi, Search, and Emerging & Other. However, Dotdash Meredith's revenue remained consistent when compared to the previous year.

Reflecting on the company's performance, Chief Executive Joey Levin stated, "Job number one is our existing businesses, and if we continue the progress from 2023 into 2024, we'll be in good shape."