IAC Swings to Loss

Updated from 8:12 a.m.

IAC/InterActiveCorp ( IACI) swung to a fourth-quarter loss on the usual ration of special items. Excluding them, the Internet commerce giant came in well ahead of Wall Street forecasts.

IAC lost $46 million, or 7 cents a share, in the quarter, compared with earnings of $153 million, or 20 cents a share, last year. Sales jumped 9% from a year ago to $1.72 billion.

In the most recent quarter, IAC recorded a $185 million impairment charge related to goodwill at its Teleservices division and a $33 million impairment charge related to intangibles at TV Travel Shop. Together, the items cut aftertax income by 28 cents a share.

IAC said adjusted net income rose 10% from last year to $250 million, or 33 cents a share. On that basis, analysts surveyed by Thomson First Call had been forecasting earnings of 27 cents a share on sales of $1.71 billion.

Shares fell 58 cents to $23.42 early Wednesday.

Among its major segments, revenue rose 11% on a comparable basis from last year to $496.6 million at travel, while it rose 9% to $703.3 million in the quarter at electronic retailing. Ticketing revenue was $188.9 million in the latest quarter, up 3% from a year ago.

IAC said operating income before amortization at its travel division rose 3% from a year ago to $154.2 million, while it rose 34% to $88.5 million at electronic retailing. At ticketing, OIBA rose 11% from a year ago to $38.3 million.

More from Technology

Elon Musk's Latest Twitter Tirade Is the Dumbest Thing on Wall Street

Elon Musk's Latest Twitter Tirade Is the Dumbest Thing on Wall Street

Flashback Friday: Amazon, Chip Stocks, Memorial Day

Flashback Friday: Amazon, Chip Stocks, Memorial Day

Some Companies Are Already Feeling the Effect of GDPR

Some Companies Are Already Feeling the Effect of GDPR

Experts Break Down GDPR Risks for Investors

Experts Break Down GDPR Risks for Investors

Netflix Ready to Surpass Disney as America's Most Valuable Media Company

Netflix Ready to Surpass Disney as America's Most Valuable Media Company