Shares of IAC Inc. IAC are on the rise after the internet and media holding company posted sales of $1.08 billion, down 18% from a year ago but eclipsing analyst estimates of $1.06 billion. IAC posted fiscal first-quarter net earnings of $417.8 million, or $4.57 a share, vs. a $235.8 million loss in the year-ago quarter. This year’s profit includes an unrealized gain of $704.8 million from IAC’s stake in MGM Resorts International. IAC’s majority owned Angi Inc. unit hauled in $392 million in sales, reflecting the change to net revenue recognition for Services, which took effect Jan. 1, 2023. Shares of IAC are up 21% so far this year; the SPX 500 index SPX is up 7% in 2023.
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