SAN FRANCISCO (AP) — Internet company IAC/InterActiveCorp says it lost $1 billion in the fourth quarter because it had to write down the value of its search business. Its results beat analyst expectations, however, and indicated some improvement in the online advertising market.
The loss for the company led by media billionaire Barry Diller amounted to $7.94 per share. In the same period a year earlier the company had net income of $227.4 million, or $1.57 per share.
Excluding one-time items in the last quarter, IAC earned 20 cents per share — 2 cents more than expected by analysts polled by Thomson Reuters.
Revenue climbed 5 percent to $367 million, beating analyst expectations for nearly $340 million.
