IAC’s Quarterly Profit Tumbles 32%

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.