Why Shares of Liberty Interactive Dropped Today
Shares of media conglomerate Liberty Interactive (NASDAQ: QVCA) tumbled on Tuesday following a disappointing second-quarter report. Total revenue slumped due to weak sales from broadcast network QVC, and net income dropped as well. The stock was down about 10% at 11:30 a.m.
Liberty Interactive's QVC Group reported second-quarter revenue of $2.35 billion, down 3.2% year over year and $50 million below analyst expectations. Consolidated revenue from QVC was down 4% year over year, or down 3% adjusted for currency. QVC's U.S. revenue slumped 4%, with a system outage responsible for a 1% negative impact, while QVC's international segment posted revenue growth of 2%, adjusted for currency.
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Source: Fool.com
