Liberty Interactive Earnings: Sees Profit Move Up
Liberty Interactive Corporation (NASDAQ:LINTA) reported its results for the first quarter. Liberty Media is engaged in the video and on-line commerce, media, communications, and entertainment industries.
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Liberty Interactive Earnings Cheat Sheet for the First Quarter
Results: Net income for Liberty Interactive Corporation rose to $91 million vs. $38.9 million in the same quarter a year earlier. This is a more than twofold rise from the year-earlier quarter.
Revenue: Rose 7.2% to $2.31 billion from the year-earlier quarter.
Quoting Management: “QVC continues to produce impressive results despite a challenging macroeconomic environment and our eCommerce group’s growth was very strong,” stated Greg Maffei, Liberty Interactive President and CEO. “We made progress in the creation of our new Liberty Ventures tracking stock and expect to have a shareholder vote in the third quarter. We increased the rate of our share repurchases and spent $325 million from February 1 to April 30.”
Revenue has increased for four quarters in a row. Revenue increased 6.7% to $3.08 billion in the fourth quarter of the last fiscal year. The figure rose 8.4% in the third quarter of the last fiscal year from the year earlier and climbed 9.4% in the second quarter of the last fiscal year from the year-ago quarter.
The company fell in line with estimates last quarter after beating expectations in the previous two quarters. In the fourth quarter of the last fiscal year, it topped the mark by 9 cents, and in the third quarter of the last fiscal year, it was ahead by 2 cents.
Looking Forward: Analysts appear increasingly negative about the company’s results for the next quarter. The average estimate for the second quarter has moved down from 29 cents a share to 24 cents over the last ninety days. At 97 cents per share, the average estimate for the fiscal year has fallen from $1.03 ninety days ago.
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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