November 8, 2017 / 10:29 PM / 13 days ago

IAC/InterActiveCorp third-quarter profit misses estimates

(Reuters) - Media mogul Barry Diller’s IAC/InterActiveCorp (IAC.O) reported a smaller-than-expected quarterly profit on Wednesday, as expenses rose.

In May, IAC bought consumer review website operator Angie’s List for $500 million, combining Angie’s with its digital home services marketplace business, HomeAdvisor.

The closing of the deal, resulted in about $122.9 million in expenses in the third quarter ended Sept. 30.

Revenue from Match Group Inc (MTCH.O), in which IAC holds a majority stake, accounted for nearly half of IAC’s total revenue of $828.4 million.

Analysts on average had expected revenue of $810.4 million, according to Thomson Reuters I/B/E/S.

Net earnings attributable to shareholders rose to $179.6 million, or $1.79 per share, in the quarter, from $43.2 million, or 49 cents per share, a year earlier.

Excluding items, IAC reported a profit of 55 cents per share, missing the average analysts’ estimate of 83 cents.

IAC’s shares had nearly doubled this year up to Wednesday’s close.

Reporting by Pushkala Aripaka in Bengaluru; Editing by Shounak Dasgupta

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