InterActiveCorp Lifted by Travel
Barry Diller's InterActiveCorp (IACI) saw second-quarter profit contract due to a huge gain in the year-ago quarter, but posted a 38% rise in revenue thanks to big gains at its Expedia (EXPE) and Hotels.com (ROOM) portfolio companies.
InterActiveCorp, which used to be called USA Interactive, earned $96.2 million, or 16 cents a share, in the latest quarter, on revenue of $1.53 billion. That compares to earnings of $2.28 billion, or $5.51 a share, on revenue of $1.11 billion last year. The year-ago quarter included a gain of $2.38 billion related to its USA Entertainment stake; before that, InterActiveCorp lost $86.7 million, or 22 cents a share.
Earnings from continuing operations were $57.9 million, or 9 cents a share, in the latest quarter. The company also posted "adjusted" earnings of 18 cents a share, which topped the analyst consensus compiled by Thomson First Call by a penny.
Driving revenue was a 73%
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