NEW YORK — The recession took a bite out of IAC/InterActiveCorp in the first quarter, as revenue fell 22 percent in the Internet company's media and advertising unit, which includes the Ask.com search engine.

Shares of IAC advanced 69 cents, or 4.3 percent, to close at $16.65 Wednesday, however, as investors likely found solace in the fact that IAC slightly exceeded revenue estimates and said it bought back stock during the quarter.

The New York-based company, headed by Barry Diller, said that in the first three months it lost $28.4 million, or 19 cents per share.

This compares with a profit of $52.8 million, or 38 cents per share, in the year-ago quarter. However, that quarter included income from operations that IAC has since spun off _ home shopping network HSN Inc., time-share business Interval Leisure Group Inc., ticketing service Ticketmaster and lending and real estate business Tree.com Inc.

Excluding special items, IAC lost 2 cents per share. On that basis, analysts polled by Thomson Reuters expected a profit of 1 cent per share.

IAC said revenue f