ENGLEWOOD, Colo. (AP) — Liberty Interactive Corp., the owner of the QVC shopping channel, on Thursday said that net income fell 9 percent in the latest quarter, compared to a year ago, when it was still joined to Liberty Media.
Net income was $234 million in the April to June period, down from $257 million a year ago, the company said.
Revenue grew 5 percent to $2.37 billion from $2.25 billion, as QVC's revenue rose 4 percent. Analysts polled by FactSet expected, on average, $2.33 billion.
Shares of the company's Series A stock fell 31 cents, or 1.6 percent, to $19.25.
Liberty Interactive, which is controlled by media magnate John Malone, owns or is invested in several other companies, including a 34 percent stake in shopping site and TV channel HSN Inc. The company split off from Liberty Media Corp., which owns the Starz cable network and the Atlanta Braves baseball team, along with stakes in other companies, in September.
Liberty Interactive has said that it's splitting the company's stock into two "tracking stocks" to give its investors more choice. One of the stocks will follow QVC, Liberty's stake in HSN and other websites. The other stock will track the company's Liberty Ventures business, which invests in Time Warner and Time Warner Cable, travel sites Expedia and TripAdvisor and several other companies.
