socialmedian: IAC Reports 3Q Profit But Ad Revenue Down

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IAC Reports 3Q Profit But Ad Revenue Down

Source: Huffington Post

Oct 27, 2009

Summary

SAN FRANCISCO — IAC/InterActiveCorp, which runs Match.com, Ask.com and other Web sites, said Tuesday that asset sales helped it profit in the third quarter while advertising revenue continued to slump.

The results for IAC, which is led by media mogul Barry Diller, come after other Internet companies indicated in their third-quarter reports that the online advertising market remains uneven. Google Inc. reported a 7 percent increase in revenue in the period, but Yahoo Inc. said its revenue dropped 12 percent.

The period was tough for IAC, whose revenue fell 9 percent.

Counting one-time events such as a large gain on a stock sale and the sale of Match's European operations, IAC earned $21.7 million, or 16 cents per share, on $337 million in revenue. In the same period a year ago it lost $14.8 million, or 11 cents per share.

Revenue in IAC's media and advertising unit, which includes search engine Ask.com and online city guide Citysearch, dropped 11 percent to $172.3 million. For the third straight quarter, the company said the difficult ad climate – which is

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