SAN FRANCISCO – IAC/InterActive Corp. saw its shares slide more than 12% to $50.56 on Wednesday morning. The online media firm reported third-quarter revenue late Tuesday that was below Wall Street's expectations, though its earnings for the period beat forecasts. Stifel Nicolaus & Co. downgraded the stock to a hold rating following the report. In a note to clients, analyst George Askew noted that the revenue shortfall "was fueled by search and monetization algorithm changes by Google that negatively impacted revenue at IAC's Search & Applications segment." He noted that the company "is also facing some competitive challenges in the Applications business, which impacted performance."
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