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Updated from 7:57 a.m. IAC/InterActiveCorp (IACI - Cramer's Take - Stockpickr) missed Wall Street's second-quarter profit target, citing weaker-than-expected results at its Ticketmaster unit. The New York-based Internet conglomerate made $96 million, or 32 cents a share, for the quarter ended June 30, up from the year-ago $54 million, or 17 cents a share. Revenue rose to $1.51 billion from $1.43 billion a year earlier. Analysts surveyed by Thomson Financial were looking for a 33-cent profit on revenue of $1.61 billion. "While we expected this quarter to be difficult, we did not anticipate the softness in domestic ticketing volumes which impacted Ticketmaster," said CEO Barry Diller. "We are not satisfied with these results -- whether driven by market conditions or our own hand -- and are taking every appropriate action to have the back half of the year reflect a demarcation point to a 2008 more reflective of our ambition." In early afternoon trading, IAC/InterActiveCorp shares were down 4.39%, or $1.33, to $29.03.
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