IAC’s Quarterly Profit Tumbles 32%
- Share via
IAC/InterActiveCorp, the Internet and media company run by Barry Diller, said Tuesday that first-quarter profit fell 32% because of a sales decline at cable shopping network HSN and the spinoff of Expedia Inc.
Net income at the owner of LendingTree.com and Ticketmaster fell to $47.2 million, or 14 cents a share, from $68.9 million, or 19 cents, a year earlier. Revenue rose 36% to $1.55 billion with the purchase of Cornerstone Brands Inc. and Ask.com, New York-based IAC said.
Chairman Diller realized $464.1 million on the exercise of IAC and Expedia stock options last year, according to regulatory filings.
Excluding stock option costs, some amortization expenses and one-time gains, IAC’s profit rose to 31 cents a share. The average estimate of analysts surveyed by Thomson Financial was 27 cents.
Shares of IAC rose 8 cents to $29.10 on Tuesday.
The biggest entertainment stories
Get our big stories about Hollywood, film, television, music, arts, culture and more right in your inbox as soon as they publish.
You may occasionally receive promotional content from the Los Angeles Times.
