IAC/InterActive Posts $42.6-Million Loss
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Barry Diller’s IAC/InterActiveCorp, owner of Expedia and the HSN home-shopping network, posted a fourth-quarter loss of $42.6 million after writing down the value of some assets.
Revenue from the company’s travel businesses fell short of analysts’ expectations.
The net loss of 7 cents a share contrasted with net income of $156 million, or 20 cents a share, a year earlier, the New York-based company said.
Sales fell 4.9% to $1.72 billion because of a change in accounting for Hotels.com revenue. Allowing for the change, sales would have increased 9%, the company said.
Shares of IAC fell $1.45 to $22.55 on Nasdaq.
IAC wrote down the value of its call-center business and the TV Travel Shop unit by $218 million, cutting per-share profit by 28 cents.
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