IAC/InterActive swings to a loss
IAC/InterActiveCorp said it swung to a second-quarter loss, hurt by a $300-million write-down in a catalog business, but excluding that and other charges its earnings beat analysts’ estimates.
Barry Diller’s Internet conglomerate reported a loss of $421.6 million, or $1.51 a share. In the year-earlier quarter IAC had a profit of $94.6 million, or 31 cents, according to restated results.
On an adjusted basis, New York-based IAC reported earnings of 35 cents a share -- better than the 31 cents expected by analysts polled by Thomson Financial. Revenue rose 7% to $1.6 billion, meeting estimates.
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