Net Falls at IAC/InterActiveCorp

Updated from 7:35 a.m. EDT

Earnings slid 32% from a year ago in IAC/InterActiveCorp's(IACI Quote) first quarter.

The online conglomerate earned $47.2 million, or 14 cents a share, in the quarter, compared with earnings of $68.9 million, or 19 cents a share, a year ago. The year-over-year comparison was affected by the absence of results in the latest quarter for Expedia, which was spun off.

The stock was recently down $1.12, or 3.9%, to $27.90 in premarket trading.

On an adjusted basis, IAC's earnings rose 32% from a year ago to $106.5 million, or 31 cents a share, 4 cents better than the Thomson First Call consensus. Revenue rose 36% from last year to $1.55 billion, beating the $1.54 billion consensus.

Among its major units, first-quarter revenue rose 28% to $769.1 million in retailing, rose 27% to $482 million in services and rose 16% to $178.4 million in membership and subscriptions. IAC's media and advertising unit produced revenue of $117.6 million in the quarter, compared with $9 million a year ago.