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IAC Beats Profit Target

Revenue is a tad light.
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IAC/InterActiveCorp (IACI) posted an 85% drop in fourth-quarter earnings but said it beat Wall Street's estimates on an adjusted basis.

The New York-based online media company made $17 million, or a nickel a share, for the quarter ended Dec. 31, down from the year-ago $113 million, or 33 cents a share. Revenue rose 8% from a year ago to $1.82 billion.

On an adjusted basis, excluding all manner of costs, earnings rose to 67 cents a share from 50 cents a year earlier. Analysts surveyed by Thomson Financial were looking for a 53-cent profit on sales of $1.88 billion.

IAC repurchased 10 million shares of common stock at an average price of $37.87 between Oct. 28 and Feb. 2.

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