IAC/Interactive Shares Slip on Miss

IAC/Interactive shares are following a day after the Internet media company swung to a profit but missed Wall Street estimates.
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Shares of

IAC/Interactive Corp.

(IACI)

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) - Get Report

,

Yahoo!

(YHOO)

,

Bidu

(BIDU) - Get Report

and

Sohu

(SOHU) - Get Report

.