updated 5/2/2006 5:25:50 PM ET 2006-05-02T21:25:50

E-commerce conglomerate IAC/InterActiveCorp said Tuesday its first-quarter net income fell 32 percent despite higher revenue, hurt by increased compensation costs and lower interest income.

IAC, owner of home-shopping network HSN, Ticketmaster and Citysearch, said its earnings fell to $47.2 million, or 14 cents per share, from $68.9 million, or 19 cents per share, a year earlier.

Revenue, however, increased 36 percent to $1.55 billion from $1.14 billion.

Without special items, IAC said it would have earned 31 cents per share in the quarter, ahead of the analyst consensus estimate of 27 cents per share, according to Thomson Financial.

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