IAC beats on earnings but sees ANGI Homeservices growth slow

IAC/InteractiveCorp. once again saw strong momentum for its Vimeo unit, though growth at home-improvement platform ANGI Homeservices Inc. slowed in January as the pandemic impacted demand for indoor projects. Vimeo’s revenue for the month of January rose 54%, marking a deceleration from the 57% growth seen in the month of December, but the rate was even with Vimeo’s November growth and ahead of October’s pace. IAC IAC, -0.26% reported the January metrics Wednesday while also delivering its formal December-quarter financial results. Vimeo’s revenue climbed to $83.8 million from $54.6 million in the quarter, though the revenue dynamics for the period were less of a mystery heading into Wednesday’s report given that they could be largely deduced by IAC’s previously disclosed monthly metrics. IAC shares were off 0.6% in Thursday morning trading and ANGI shares ANGI, -5.02% were down 5.4%. The momentum at Vimeo reflects continued traction for video software as the pandemic wears on. Vimeo has been one of the most significant growth engines within the New York-based media giant, and it has attracted enough outside attention and funding that IAC recently made the decision to spin out Vimeo into its own public company, a move that’s expected to happen…
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