IAC Profits Fall 24% On Expedia Spin-Off

Internet retail conglomerate IAC/InteractiveCorp on Tuesday said net income in the third quarter fell 24 percent, due primarily to charges from its spin-off of online travel agency Expedia.

The New York-based company said net income for the quarter ended Sept. 30 fell to $68.1 million, or 19 cents a share, from $89.5 million, or 24 cents a share, from the same period a year ago. Revenues were up 55 percent to $1.48 billion from $957.3 million a year ago.

Due to the Expedia spin-off, the company took a $67 million non-cash compensation charge, or $49 million after taxes. Also in the quarter, the company completed the acquisition of search engine Ask Jeeves.

IAC's holdings on the Web provide services ranging from loans and real estate to personals, retail and search. IAC sites include Ticketmaster, LendingTree, RealEstate.com, Match.com, and Citysearch. The company also owns the Home Shopping Network.