IAC/Interactive Shares Slip on Miss

Shares of IAC/Interactive Corp.( IACI Quote)were slipping Wednesday, a day after the Internet media company missed analysts' estimates.

The company posted a net profit of $227.4 million, or $1.57 a share, compared with a loss of $369.9 million, or $2.53 a share, in the same period a year earlier.

Excluding a $1.64-per-share benefit from the sale of its investment in Jupiter Shop Channel and charges from asset writedowns, the company, which owns Ask.com and Match.com, would have earned 18 cents a share. That's 2 cents below what analysts polled by Thomson Reuters had predicted.

Revenue fell 7% to $351 million, short of analysts' expected $367.4 million in revenue.

IAC's revenue per search rose overall at its proprietary Web sites, but fell at Ask.com. And at Match.com, sales dropped 3% to $88.1 million, a decline the company blamed on weaker per-subscriber revenue overseas spurred by a stronger U.S. dollar.

IAC shares were losing 3.8% to $14.17 in afternoon trading Wednesday.

IAC competes in the Internet space with Google(GOOG Quote), Yahoo!(YHOO Quote), Bidu(BIDU Quote) and Sohu(SOHU Quote).