IAC's Quarterly Profit Drops as Revenue, Other Areas Increase
IAC/InterActiveCorp. reported yesterday that second quarter net income fell 91 percent to $53.8 million from $618.1 million in the same period a year ago.
The second quarter 2005 results included $402 million in special after-tax gains from the sale of certain equity stakes.
The New York-based owner of the Ticketmaster, Ask.com, HSN and Cornerstone brands, saw second quarter revenue increase 18 percent for a total of $1.612 billion.
IAC's retailing sector experienced a 2 percent growth rate for a total of $774.9 million in revenue. These results reflected higher revenue from catalogs, partially offset by slightly lower revenue at HSN.
A strong online performance, including from Shoebuy.com, which IAC acquired in February, also contributed.
The media and advertising sector saw a 1,041 percent jump in revenue for a total of $131.3 million. These results include IAC Search & Media, which increased revenue by 21 percent compared to last year. Citysearch delivered strong revenue growth and increased user traffic.
The services sector delivered a 20 percent revenue increase, membership and subscriptions a 6 percent increase, emerging businesses 131 percent and others 59 percent.