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by CareyBot

IAC/Interactive Corp. today reported growth in first-quarter earnings, but the media conglomerate felt the weight of a slowing housing and mortgage market on its LendingTree unit. Overall, IAC saw a 32 percent growth in net income to $62.1 million over the prior year, while revenues climbed 10 percent to $1.6 billion for the quarter. Diluted earnings per share rose 46 percent to 20 cents a share. Strong growth at Ticketmaster and ServiceMagic was partially offset by a decline in LendingTree revenue, which continues to feel the impact of a lagging mortgage market, the company said Thursday. Revenue at LendingTree fell 12 percent to $100 million from the prior year, while operating income at the unit plunged 99 percent to $100,000. IAC attributed the decline to fewer loans being sold into th...