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IAC/InterActiveCorp's CEO Discusses Q2 2012 Results - Earnings Call Transcript

Looking forward to the second half of the year, we now project greater search in applications revenue growth than we previously expected, with modest sequential growth through the back half of the year. In terms of margin, we now expect the trends we've seen through the first half of the year to continue with OIBA margin in the segment roughly flat to the prior year.

Moving on to our Match segment, our core Match businesses Match, People Media and Chemistry continue to grow with 12% revenue growth in the quarter. The second quarter was also our ninth consecutive quarter year-on-year double digits subscriber growth in the core businesses. Our revenue growth slowed modestly from the first quarter, in large part because we cut back unprofitable marketing on certain properties and delayed marketing spend on others to coincide with new products initiatives. We’re hopeful however that these new initiatives will strengthen that growth going forward.

Developing revenues decreased in the quarter. But that's really the result of the reduced marketing of Singlesnet, which Match real revenue growth at OKcupid and in Canada.

[Media] remains on track with the objectives Greg has laid out on previous calls with full-year revenue expected to be down mid-single digits and full-year EBITDA expected to be flattish to last year on a same currency basis, excluding acquisition related to accounting effect.

For the remainder of the year, we expect overall Match revenue growth to continue approximately its current rate, and we also expect modest margin expansion year-on-year.

Our Local segment grew revenue modestly and OIBA more than 20% in the second quarter. Revenue growth was lower-than-expected as we pull back inefficient marketing dollars, and we expect similarly modest revenue growth and lower, but still double-digit OIBA growth in the third quarter, with lower revenue expectations created again by our efforts to optimize our marketing.

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