Why IAC Stock Skyrocketed Today

Shares of IAC (NASDAQ: IAC) were up 14% as of 12:44 p.m. ET on Wednesday following better-than-expected results for the first quarter. The company delivered revenue and earnings per share that were ahead of the consensus analyst estimate.

Year to date, the stock is now up 38% after the postearnings jump. However, IAC remains well off its previous highs.

IAC owns many online brands and media publications that may be familiar to some investors, including Angi, People, Daily Beast, and Food Wine, to name a few. Across all these businesses, revenues fell 18% year over year, partly due to lower online traffic from the Dotdash Meredith media sites compared to year-ago pandemic-driven levels.

Source Fool.com