IAC/Interactive Failed To Anticipate "Softness In Domestic Ticketing Volumes"

| About: IAC/InterActiveCorp (IAC)

The Internet and retailing conglomerate IAC/Interactive (IACI) Tuesday morning reported second quarter revenue of $1.5 billion and adjusted EPS of 31 cents a share, falling short of Street expectations of $1.62 billion and 33 cents.

In a statement, CEO Barry Diller said that while the company had anticipated a “difficult” quarter, the company “did not anticipate the softness in domestic ticketing volumes which impacted Ticketmaster.” He says the company is “not satisfied” with the results, and will “take every appropriate action to have the back half of the year reflect a demarcation point to a 2008 more reflective of our ambition.”

A few other tidbits: Retailing revenue was up 1% year-over-year, slowed by a 1% decline at HSN. Ticketmaster has a 1% increase in worldwide ticket volume, with a 5% decline domestically, “due to a lower volume and mix of concert ticket sales during the quarter.” Lending Tree revenues fell 9%, on a drop in lending volume. The Media and Advertising segment, which includes Ask.com and other Web properties, grew revenue 33%.

IAC/Interactive Tuesday morning is down 95 cents, or 3%, at $29.41.

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Tagged: , Internet Information Providers, Earnings
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