IAC Shares Have Biggest Drop in 5 Years

IAC’s shares have seen the biggest one-day decline in five years, following the release of their third-quarter report.

IAC, who owns dating sites including Match.com and OkCupid, released their third-quarter sales yesterday, which showed a missed estimate for their search-advertising revenue.

The company bought About.com from The New York Times Co. in 2012 for around $300m.

And search-advertising revenues, which include About.com, did not reach the $803.3m analysts estimated, shares dropping 14% – the biggest drop since 2008.

However revenue from the company’s dating sites was good – with IAC’s second biggest division, Match.com, growing 13% to $201.1m.

Reuters reported that Chief Financial Officer Jeff Kip also expected a mid-single digit decline in fourth-quarter revenue.