IAC/InterActiveCorp reports higher profit
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IAC/InterActiveCorp, the Internet conglomerate run by Barry Diller, said third-quarter profit rose, helped by higher operating income from its retail segment and strong revenue growth from its Ticketmaster business.
Growth in online search and dating services also helped boost results past analyst expectations, offsetting a weak performance at its key Home Shopping Network and declines at mortgage business LendingTree.com.
Shares of the company rose $1.16, or 3.9%, to $30.98.
Net income available to common shareholders rose to $74.9 million, or 24 cents a share, from $68.1 million, or 20 cents, a year earlier. Adjusted earnings per share, excluding special items, were 35 cents, compared with 32 cents a year earlier.
Revenue rose to $1.6 billion from $1.44 billion a year earlier.
Analysts, on average, expected earnings of 33 cents a share before special items, according to Reuters Estimates.
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