IAC falls short on 4Q earns, but revenue jumps
IAC sees revenue climb, though restructuring eats into profit
NEW YORK (AP) -- IAC/InterActiveCorp's net income slid during the fourth quarter as the Internet and services company logged restructuring charges across several segments, while revenue rose across every division.
The company earned $40.7 million for the period ending Dec. 31, or 43 cents per share, compared with $48.8 million, or 53 cents per share, during the same period last year.
Revenue jumped 28 percent to $765.3 million, easily topping Wall Street expectations for $753.7 million.
Adjusted for one-time charges earnings were 70 cents per share, 7 cents shy of analysts' estimates. The shares slid in after-hours trading.
Included in those one-time charges of $11.5 million were restructuring charges of $7 million from the company's media business and $2 million from the search and applications division.
Revenue jumped sharply in the company's online dating services, particularly Meetic, which is used in Europe.
Revenue from Meetic reached $54.5 million, compared with $35 million during the same period last year.
The company also bought back 6.4 million shares.
For the year, IAC/InterActiveCorp earned $159.3 million, compared with $174.2 million in 2011. Revenue was $2.8 billion, compared with just under $2.1 billion in the previous year.
IAC/Interactive shares fell $1.01, or 2.4 percent, to $42 in after-hours trading.
