IAC's Mixed 2Q23 Results: Spotlight on Angi's Struggles and Dotdash Meredith's Upswing
Portfolio Pulse from Anusuya Lahiri
IAC Inc reported mixed 2Q23 results with revenue underperformance due to struggles at Angi Inc and Dotdash Meredith (DDM). Despite this, overall EBITDA was better as DDM saw progress. Analysts from Citigroup, Oppenheimer, Benchmark, and Credit Suisse reiterated their positive ratings on IAC but lowered their price targets. IAC shares traded higher by 2.01% at $57.27 on the last check Thursday.
August 10, 2023 | 7:50 pm
News sentiment analysis
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NEGATIVE IMPACT
Angi's revenue and EBITDA continue to be challenged, contributing to IAC's mixed 2Q23 results. However, Angi is eliminating low-value jobs and its Services is now profitable.
Angi's continued struggles and its impact on IAC's results may negatively affect investor sentiment, potentially leading to a short-term decrease in stock price. However, the profitability of its Services and the elimination of low-value jobs could mitigate this impact.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
IAC reported mixed 2Q23 results due to struggles at Angi and DDM. Despite this, overall EBITDA was better. Analysts maintain positive ratings but lower price targets.
The mixed results and lowered price targets by analysts may create uncertainty among investors, potentially impacting the stock price. However, the maintained positive ratings and better EBITDA could balance this out, leading to a neutral short-term impact.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100