Tags: IAC | Shares | Tumble | Revenue

IAC Shares Tumble as Revenue Falls Short

Tuesday, 29 Oct 2013 07:41 PM

Shares of IAC/InterActiveCorp slid in late trading Tuesday after the company reported third-quarter sales that missed analyst estimates.

Revenue in the period was $756.9 million, falling short of the $803 million average estimate of 16 analysts compiled by Bloomberg. In late trading, the shares were quoted down $7.79, or 13.5 percent, at $50.79.

While the search-and-applications business, IAC’s biggest division, grew 10 percent from a year earlier, that was mostly due to the acquisition of About.com and the transfer of CityGrid Media from another unit. IAC spent $300 million on About.com last year to make a bigger bet on advertising for Internet searches.

Adjusted earnings per share of $1.29 beat the average estimate of 93 cents.

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