IAC Earnings Rise 74% on Travel, Refinancings
Barry Diller’s IAC/InterActiveCorp, owner of Expedia and LendingTree.com, said first-quarter profit surged 74%, helped by a rise in travel bookings and loan refinancing.
Net income rose to $72.2 million, or 9 cents a share, from $41.5 million, or 5 cents, a year earlier, the New York-based company said. The per-share profit is after payment of preferred dividends.
Sales at IAC, which also owns home-shopping network HSN, climbed 14% to $1.65 billion.
IAC’s travel business, the largest by operating profit, boosted revenue 14% on gains at European websites and a rise in hotel stays. Revenue more than doubled in the real estate unit as the company closed on $9.59 billion worth of loans.
IAC, which , who is buying Web search engine Ask Jeeves Inc. to enter the booming online search advertising market, plans to spin off its travel division.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
