Liberty Interactive Corp.'s (LINTA, LINTB) first-quarter operating profit was flat as higher revenue was neutralized by higher expenses, while Liberty Media Corp. (LMCA, LMCB) swung to an operating profit as revenue surged.

Liberty Interactive in 2011 completed a split-off of assets, including the Starz cable channel, that became known as Liberty Media Corp. The plan sharpened focus on the growing QVC home-shopping network, as well as a handful of its e-commerce businesses.

Liberty Media in January spun off Starz in a move aimed at freeing up cash to pursue its takeover of Sirius XM Radio Inc. (SIRI). Starz is classified as discontinued operations as of the first quarter. Liberty gave Sirius a lifeline in early 2009 with several hundred million dollars in loans; in exchange, Liberty got preferred shares equivalent to a 40% stake in the company. The Federal Communications Commission earlier this year approved Liberty Media's request for permission to gain effective control of Sirius.

For the quarter, Liberty Interactive reported an operating profit of $260 million, compared with $259 million a year earlier. Revenue rose 5.2% to $2.43 billion, above the $2.38 billion expected by analysts polled by Thomson Reuters.

Depreciation and amortization expense rose 7%, while stock compensation expense climbed 41%.

Revenue from QVC--its largest business--was up 2.2% to $1.97 billion, while operating income edged up 0.8%. Revenue from QVC's larger U.S. business rose 4.6% to $1.3 billion. Liberty's e-commerce business saw revenue rise 20% to $460 million.

"QVC produced particularly strong results in the U.S., driven by solid operating performance and continued growth in eCommerce and mobile revenue," Liberty Chief Executive Greg Maffei said.

Separately, Liberty Media reported an operating profit of $160 million, compared with a loss of $32 million a year earlier. Revenue surged to $789 million from $35 million as the company logged $635 million in subscriber revenue, versus no such revenue a year earlier.

The company said its subscribers grew by 453,000 to 24.4 million, a record figure.

"We are extremely pleased with the operating results of our newest subsidiary, SiriusXM, which grew its subscriber base to over 24 million," Mr. Maffei said.

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Liberty Interactive Operating Profit Flat