Industry News

Profits sink at IAC/InterActiveCorp

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Second-quarter earnings fell sharply at IAC/InterActiveCorp, the parent company of online lending service LendingTree and RealEstate.com, a consumer real estate portal. The media and Internet company reported net income of $53.8 million, or 17 cents a share, down 91 percent from $618.1 million, or $1.77 a share, during the same period a year ago. Second-quarter revenue grew 18 percent to $1.6 billion from $1.37 billion a year ago. IAC's lending segment contributed $9.8 million in operating income, down 37 percent $15.6 million a year earlier. The lending segment added $107.9 million in revenue, a 26 percent spike from $85.4 million during the same quarter last year. "Lending revenue was driven primarily by higher revenue per loan sold, increased sales of loans into the secondary market, and higher transmit revenue due to both growth in QF volume and higher prices on the exchange," the company said. "Revenue from refinance, home equity and purchase loans grew strongly, despite the dif...