Online travel site Expedia’s parent IAC/Interactive said Tuesday its second-quarter profit excluding one-time gains grew 23 percent, topping expectations, but the company’s stock fell on concerns about lower margins at Expedia.

IAC’s net income rose to $214.9 million, or $0.30 per share, excluding one-time gains from sales, from $175.4 million, or $0.23 per share, in the year-ago quarter. Analysts had been expecting earnings of $0.25 per share. These results include Expedia, which IAC plans to spin off into a separate company on August 9.

Revenue including Expedia grew 34 percent to $2 billion.

Excluding Expedia, the New York City-based e-commerce and media company’s net income soared 783 percent to $618 million, or $0.89 per share, including after-tax gains from the sale of its interests in media companies Euvia and VUE. That compares with the year-ago quarter’s net income of $69.9 million, or $0.09 per share.

Revenue excluding Expedia grew 44 percent to $1.4 billion.

IAC shares fell $0.13 to $26.64 in recent trading.

Smaller Margins

Analysts said slightly smaller margins at Expedia may account for the dip in the stock price.

“The new IAC had a pretty good quarter,” said Sanjay Ayer, an analyst with Morningstar. He did, however, voice concerns about the margins at Expedia.

Expedia grew its revenues 14 percent to $555 million this quarter from $487 million a year ago. The travel outfit posted adjusted net income of $123.1 million, 23 percent higher than last year’s $99.9 million. Meanwhile, gross bookings posted a 26 percent growth.

But revenue margins, net revenue expressed as a percentage of gross bookings, dropped by 144 basis points. The company blamed lower air revenue per ticket, a greater mix of agency business, and lower hotel margins.

Overall, analysts said IAC, which also includes ticket service Ticketmaster and multi-channel shopping outfit HSN, had a strong quarter.

“Most segments, including travel, performed in line, but ticketing provided significant upside to our estimates driven by a strong summer concert season,” said Safa Rashtchy, an analyst with Piper Jaffray.

Ticketing revenue rose 32 percent to $257.8 million in the quarter from $195.1 million a year ago. Retailing generated $761.6 million, up 47 percent from $517.5 million last year.

Meanwhile, financial services and real estate brought in $130.3 million, or 32 percent more than the year-ago quarter.

Expedia has historically been one of IAC/Interactive’s key assets, often overshadowing its many other properties.

“IAC traded as a travel stock,” said Mr. Ayer. “Travel was so dominant in the IAC portfolio. These [non-travel] businesses will become more visible, based on their fundamentals.”

He pointed out that even though IAC would have to invest to grow its younger companies, the risk associated with them would be tempered by the older, more established businesses like Ticketmaster and HSN.