EARNINGS ROUNDUP

L.A. Times Archives

April 30, 2009 12 AM PT

TIMES WIRE REPORTS

The recession took a bite out of IAC/InterActiveCorp in the first quarter, as revenue fell 22% in the Internet company’s media and advertising unit, which includes the Ask.com search engine.

Shares of IAC advanced 69 cents, or 4.3%, to close at $16.65, however, as investors probably found solace in the fact that IAC slightly exceeded revenue estimates and said it bought back stock during the quarter.

The New York-based company, headed by Barry Diller, said that in the first three months it lost $28.4 million, or 19 cents per share.

This compares with a profit of $52.8 million, or 38 cents a share, a year earlier. That quarter included income from operations that IAC has since spun off.

Excluding special items, IAC lost 2 cents a share. On that basis, analysts polled by Thomson Reuters expected a profit of 1 cent a share.

IAC said revenue fell 10% to $332 million, better than the $330 million analysts expected.