, Barry Diller's Internet conglomerate that is in the process of spinning off Expedia, reported solid financial results Tuesday, reflecting particular strength in ticketing and financial services.
The company, which has occasionally frustrated investors with complicated earnings reports, said its second-quarter numbers treated Expedia as a discontinued operation ahead of its spinoff this month. The company also adopted new category reporting that "corresponds to the broad areas of interactivity in which we operate."
IAC earned $621.4 million, or 89 cents a share, in the second quarter, compared with $73.2 million, or 9 cents a share, last year. On a continuing-operations basis that excludes Expedia and asset-sale gains, IAC earned $479.2 million, or 74 cents a share, in the latest quarter.
On an adjusted basis that excludes various amortizations, impacts from the sale of a stake in Vivendi Universal Entertainment, and certain tax items, IAC earned $214.9 million, or 30 cents a share, beating estimates by a nickel. Total revenue rose 34% from a year ago to $1.96 billion, about $200 million better than expected.
By segment, sales rose 47% from a year ago in retailing to $761.6 million; sales rose 52% in services to $475.8 million; sales rose 11% in membership and services to $161.3 million; and sales rose 66% to $11.5 million in media and advertising.
Within the services segment, sales nearly tripled in financial services and real estate to $130.3 million, while sales rose 32% to $257.8 million in ticketing. In the retailing unit, IAC said a good quarter for the recently acquired catalog company Cornerstone Brands offset a disappointing quarter for HSN.
Early Tuesday, IAC shares were up 98 cents, or 3.7%, to $27.75.