IAC/InterActiveCorp (NASDAQ: IACI) released second quarter 2007 results , reporting $1.5 billion in revenue, representing a 6% rate of growth over the prior year. The company also posted $136 million in Operating Income Before Amortization, compared to $165 million in the year ago period. Adjusted EPS was $0.31, compared to $0.32 in the year ago period.

Operating income fell 33% to $54.4 million.

On a segment basis, revenue at the big retailing operation, which includes HSN, was up only 1% to $701.4 million. Operating income for the division fell 31% to $34.5 million.

Revenue in the transaction segment, which includes TicketMaster, was up 2% to $441.9 million. Operating income fell 36% to $48.5.

The media and advertising segment, which includes Ask.com, had revenue growth of 33% to $174 million. But, the segment had a loss of $10.7 million.

It looks like the small conglomerate is not doing very well and Ask.com does not appear to be bringing home the bacon.

Wall Street could fairly question why Barry Diller has all of these companies under one roof. They do each other very little good.

IACI stock was indicating down 4.6% just before the market opened at 9:26 am.