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. <\/p>\n
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. <\/p>\n
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. <\/p>\n
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. <\/p>\n
Depreciation and amortization expense rose 7%, while stock compensation expense climbed 41%. <\/p>\n
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. <\/p>\n
\"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. <\/p>\n
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. <\/p>\n
The company said its subscribers grew by 453,000 to 24.4 million, a record figure. <\/p>\n
\"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. <\/p>\n
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Liberty Interactive Operating Profit Flat<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" 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 Continue reading