Industry News

Profits fall at LendingTree parent co.

IAC reports first-quarter profit of $47.2 million

First-quarter profit at IAC/InterActiveCorp, the media and Internet company owned by Barry Diller, fell 32 percent to $47.2 million from $69 million the year before, according to a company statement today. Earnings per share fell from 19 cents a share last year to 14 cents a share in first-quarter 2006, while revenue climbed 36 percent to $1.55 billion from $1.14 billion a year ago. IAC's services sector, which includes LendingTree and Ticketmaster, had an operating income of $68.5 million, up from $43.4 million a year ago, and revenue of $482.5 million, up from $380 million. The services sector also includes real estate, teleservices and home services. "Lending revenue benefited from increased loan originations and sales into the secondary market, higher revenue per loan sold, higher transmit revenue due to growth in QF volume, and higher revenue from settlement services," the company said in a statement. Revenue from refinance mortgage and home equity loans grew from the prior-year...