IAC stock falls after results miss estimates

Shares of IAC Inc.
IAC,
-0.54%
fell 10.7% after hours on Tuesday after the media company reported second-quarter results that missed expectations. The company — which oversees outlets like People, Entertainment Weekly and the Daily Beast — reported a net loss of $91.6 million, or $1.07 a share, compared with $875.4 million, or $10.02 a share, in the same quarter last year. Revenue fell to $1.11 billion from $1.36 billion in the prior-year quarter. Analysts polled by FactSet expected a 73-cent per-share loss on $1.12 billion in sales.