InterActiveCorp Profit Down 24% in Quarter

IAC/InterActiveCorp, the Internet commerce and television-shopping company controlled by Barry Diller, said its second-quarter profit dropped 24% as marketing expenses rose. The company’s shares tumbled as much as 17% on the news.

Net income declined to $73.2 million, or 9 cents a share, from $96.2 million, or 16 cents, a year earlier, New York-based IAC said. Because of an accounting change, revenue slipped 1.7% to $1.5 billion, below the average analyst estimate of $1.58 billion.

IAC shares fell as much as $4.61 to $22.42 in extended trading after the company announced its results. The shares fell 54 cents to $27.03 in regular trading on Nasdaq.