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Liberty Interactive Revenue Tops Views

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05/09/2016 | 04:05pm CEST

Liberty Interactive Corp.'s revenue climbed more than expected in the first quarter of year as the parent of home shopping network QVC saw strong growth in the U.S. and benefited from the acquisition of online retailer Zulily.

Chief Executive Greg Maffei pointed to "impressive increases" in mobile penetration of orders in the U.S. and on a consolidated basis. Mobile orders made up 62% of total orders placed in the quarter, up from 55% a year ago.

In all for the quarter ended March 29, Liberty Interactive reported a profit of $206 million, down from $237 million a year earlier. Revenue grew 22% to $2.37 billion from $1.94 billion a year earlier. Analysts polled by Thomson Reuters had projected $2.35 billion in revenue.

Zulily, which the company acquired in August in a move aimed at accelerating sales growth, contributed $355 million to the top line. Revenue in Liberty Interactive's domestic segment grew 6.5%, while international revenue slumped 12%.

Shares, inactive premarket, have rallied 15% over the past three months, though the stock is still down 6% in the past 12 months.

Meanwhile, Liberty Media Corp., which was spun off from Liberty Interactive in 2011, reported its profit grew 4.8% in the quarter as SiriusXM contributed strong top-line growth.

Liberty Media, which holds a 63.8% stake in SiriusXM, said subscriber growth at the satellite radio service grew 8% to nearly 30.1 million in the quarter. Revenue climbed 11% to a quarterly record.

In all for the first quarter, Liberty Media posted a profit of $391 million, up from $373 million a year ago. Revenue climbed 11% to $1.08 billion.

The Englewood, Colo., media conglomerate in November said it would reclassify its common shares into three tracking-stock groups, a move the company said will highlight each group's operations and make it more practical to raise money for them. On Monday, Mr. Maffei, who is also CEO of Liberty Media, said Liberty completed the recapitalization on April 15.

"While the tracking stocks have experienced expected early volatility, we anticipate that the rationale for the recapitalization will play out over time," he said.

Write to Anne Steele at Anne.Steele@wsj.com

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