J2 Global Reports Revenue GrowthWednesday, August 7, 2013
J2's bottom line is starting to reflect the company's attempt to diversify from an e-fax business to a cloud technology and digital media company.
On Wednesday, the Hollywood company reported second quarter net income of 77 cents per diluted share, up from 67 cents per diluted share in the same period last year. Revenue was up 58 percent to $141 million for the quarter.
J2 Chief Executive Hemi Zucker attributed the revenue growth to the strong performance of the company's cloud and digital media businesses. The company has been on a media buying spree, scooping up IGN Entertainment and Ziff Davis Inc. within the last year.
"These results are the clearest indication to date that our significant investments to diversify our cloud business, build a media business and create an intellectual property program are bearing financial returns commensurate with those significant investments," Zucker said in a statement.
J2 will issue its ninth consecutive quarterly cash dividend to investors, worth about 25 cents per share. That's an increase of more than 3 percent from the company's last dividend.
The company also reaffirmed its outlook for the full fiscal year for non-GAAP net income of between $2.78 and $2.98 per share and revenue between $510 million and $535 million.
J2's stock was trading up 96 cents, or more than 2 percent, to $48 during after-hours trading.