IAC Inc. reported its financial results for the third quarter and the nine months ended September 30, 2024, revealing significant changes in revenue, profitability, and strategic developments compared to the previous fiscal period.

For the three months ended September 30, 2024, IAC's total revenue was $938.7 million, a decrease of 15.5% from $1.1 billion in the same period in 2023. For the nine months, revenue fell to $2.8 billion from $3.3 billion, marking a decline of 14.8%. The decrease in revenue was primarily driven by declines in Angi's Ads and Leads segment, which saw a 17% drop in revenue, and a 6% decrease in Dotdash Meredith's Print revenue.

Operating income for the third quarter improved to $16.3 million, a significant turnaround from an operating loss of $32.7 million in the prior year. However, for the nine months, the company reported an operating loss of $54.9 million, an improvement from a loss of $223.8 million in the same period in 2023. The increase in operating income for the quarter was attributed to lower amortization of intangibles and a reduction in depreciation expenses.

Despite the operational improvements, IAC reported a net loss of $237.4 million for the third quarter, down from a loss of $392 million in the same period last year. The net loss for the nine months was $333.9 million, compared to a smaller loss of $68.3 million in 2023. The net loss attributable to IAC shareholders for the third quarter was $243.7 million, reflecting a decrease from $390.5 million in the prior year.

IAC's cash and cash equivalents increased to $1.7 billion as of September 30, 2024, up from $1.3 billion at the end of 2023. The company also reported a decrease in total assets to $9.8 billion from $10.4 billion, while total shareholders' equity fell to $6.5 billion from $6.8 billion.

Strategically, IAC completed the sale of its subsidiary, Total Home Roofing, in November 2023, which is now classified under Emerging & Other. The company also made significant contributions to Dotdash Meredith, totaling $125 million for the nine months, while Dotdash Meredith distributed $210 million back to IAC during the same period.

In terms of investments, IAC's stake in MGM Resorts International was valued at $2.5 billion, down from $2.9 billion at the end of 2023, with unrealized pre-tax losses recorded on this investment. The company also reported a significant unrealized loss of $361.8 million on its investment in MGM for the nine months ended September 30, 2024.

Overall, IAC's financial performance reflects a challenging environment, with notable revenue declines in key segments, although operational efficiencies have led to improved profitability metrics in certain areas.