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IAC/InterActiveCorp (NASDAQ: IACI) reported a 16% drop in its fourth-quarter earnings.

IAC/InterActiveCorp's quarterly profit fell to $40.7 million, or $0.43 per share, from $48.8 million, or $0.53 per share, in the year-ago period. Excluding one-time items, it earned $0.70 per share.

Its total revenue climbed 28% to $765.3 million. However, analysts expected earnings of $0.78 per share on revenue of $758 million.

IAC/InterActiveCorp shares fell 0.02% to $43.00 in after-hours trading.

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