IAC down after revenue falls short of estimates
NEW YORK (AP) — Shares of IAC/InterActiveCorp took a hit Wednesday after the Internet company that owns Match.com and other websites reported lower fourth-quarter revenue than what Wall Street was expecting.
IAC said that its search and applications revenue declined. Media revenue also fell, hurt when the company ended the print publication of Newsweek in December 2012, IAC said. The online magazine was sold to IBT, which owns Web publications including the International Business Times, in August for an undisclosed sum.
But IAC's revenue at the division that operates dating website Match.com increased.
IAC's other Internet brands include About.com, CollegeHumor, Vimeo and OkCupid. The company is controlled by media mogul Barry Diller.
IAC earned $76.9 million, or 88 cents per share, in the October-December period. That's up 89 percent from $40.7 million, or 43 cents per share, a year earlier, thanks to lower expenses. Adjusted earnings were $1.04 per share in the latest quarter, better than Wall Street predicted.
Revenue fell 5 percent, to $724.5 million from $765.3 million.
Analysts, on average, had expected adjusted earnings of 91 cents per share on revenue of $743.7 million, according to a poll by FactSet.
Shares of New York-based IAC fell $2.93, or 4.3 percent, to $65.92 in midday trading.