IAC reports first-quarter loss, though revenue beats analyst estimates
By APWednesday, April 29, 2009
Internet company IAC reports first-quarter loss
NEW YORK — The recession’s effect on advertising is hurting IAC/InterActiveCorp. The Internet services company led by Barry Diller says it recorded a first-quarter loss as revenue fell 22 percent in its media and advertising unit, which includes search engine Ask.com. IAC reported a loss of $28.4 million, or 19 cents per share, on Wednesday. This compares with a profit of $52.8 million, or 38 cents per share, in the year-ago quarter.
When excluding special items, IAC lost 2 cents per share. Analysts polled by Thomson Reuters expected a profit of 1 cent per share.
IAC said revenue fell 10 percent to $332 million. This is higher than the nearly $330 million analysts expected.
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