(RTTNews) -  InterActiveCorp. (IACI: News ), Wednesday announced its first-quarter financial results, reporting a swing to loss, hurt by a decline in revenues.

The New York based company's first-quarter net loss attributable to shareholders was $28.4 million or $0.19 per share, compared to a profit of $52.8 million or $0.38 per share in the same quarter a year ago. Net loss for the first quarter was $28.644 million, compared to a profit of $52.486 million in the corresponding quarter a year ago.

On an adjusted basis, the company incurred a loss of $3.0 million or $0.02 per share, compared to a profit of $10.6 million or $0.07 per share in the first quarter of last year.

On average, 13 analysts polled by Thomson Reuters expected breakeven earnings per share for the first quarter. Analysts' estimates typically exclude special items such as one time charges or gains.

Loss from continuing operations for the first quarter widened to $29.882 million or $0.20 per share from $3.453 million or $0.02 per share in the same quarter a year ago.

Income from discontinued operations for the first quarter declined sharply to $1.238 million from $55.939 million in the same quarter last year.

Operating loss for the first quarter widened to $33.1 million from $11.1 million in the same quarter a year ago. Excluding amortization, operating loss for the first quarter was $3.2 million, compared to operating income of $18.6 million in the first quarter last year.
The company said net profit in the year ago quarter included income from the discontinued operations of HSN, Interval, Ticketmaster and Tree.com, which were spun off on August 20, 2008. The year ago quarter also included gains of $6.6 million related to the increase in the fair value of the derivative assets created in connection with the HSE sale and the Expedia spin-off.

Revenues for the fourth quarter declined to $332.0 million from $370.7 million in the year ago quarter. Quarterly revenues, however, were above Street estimate of $329.69 million for the first quarter.

Revenues from media and advertising for the first quarter decreased 22% to $167.6 million from $215.5 million in the year ago quarter, reflecting a sharp decline in the network revenue that resulted from the de-emphasis of certain partner relationships formed in Q1 2008 related to the renewed partnership with Google.

Match revenues dropped marginally to $90.1 million from $90.5 million in the same quarter last year, reflecting a 15% drop in revenue per subscriber in international markets, resulting from unfavorable impact of foreign exchange rates. Excluding the impact of foreign exchange rates, international revenue grew and overall revenue improved 6%.

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