Friday, July 30, 2010
Internet Brands Revenues Grow In Q2
Los Angeles-based Internet Brands reported its results Thursday, saying that the firm saw record revenues in Q2. According to Internet Brands, it had net income of $4.6M on $28.1M in revenues, up from $2.5M in net income on revenues of $23.2M in Q2 of 2009. Revenues were up by 21 percent from the prior year, driven by increases in internet advertising revenues. The firm said it saw growth in its Auto Enthusiast, Home, Travel and Legal verticals, but saw a $1.1M decrease in automotive e-commerce revenues, related to continued weakness in demand from automotive dealerships. Internet Brands--which has been an aggressive acquirer of web sites--also revealed that it acquired six websites in Q2, for a total of $8.6M. The firm had announced it had acquired Experthub.com, but also said it had acquired five additional, un-named web sites for the Money, Legal and Business vertical and Health vertical. The total brings the amount spent on acquisitions in the first half of the year to $16.2M in total. The firm had not previously disclosed financial information about its various acquisitions in the quarter.