IAC reports 2Q loss following a profitable quarter a year ago

MarketsAssociated Press

IAC/InterActiveCorp (IACI) on Wednesday reported a second-quarter loss after posting a profit in the same period a year earlier. The company's results fell short of analysts' expectations.

The New York-based company reported a loss of $18 million, or 22 cents per share, compared with a profit of $58.3 million, or 67 cents per share, in the same quarter a year earlier.

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Earnings, adjusted for one-time gains and costs, were 4 cents per share. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 82 cents per share.

The company said revenue dropped 5.4 percent to $756.3 million from $799.4 million in the same quarter a year earlier, and missed Wall Street forecasts. Analysts expected $792.6 million, according to Zacks.

IAC/InterActiveCorp shares have dropped $1.89, or 2.8 percent, to $66.76 since the beginning of the year. However, the stock has increased $14.13, or 27 percent, in the last 12 months.

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This story was generated automatically by Automated Insights (http://automatedinsights.com/ap ) using data from Zacks Investment Research. Full IACI report: http://www.zacks.com/ap/IACI

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Keywords:IAC,Earnings Report