IAC reported a steeper-than-expected quarterly loss as its flagship People magazine continues to struggle with the shift away from print media. The New York City-based holding company posted a loss of $71.9 million, or 94 cents a share, compared with analyst expectations of just 37 cents per share.

Revenue fell 12% to $422.9 million, well below the $520.3 million analysts had forecast. People magazine, which generates the bulk of IAC's revenue, brought in $385.7 million—a 2% decline as print advertising losses outpaced digital growth. The company acknowledged that both audience attention and ad spending continue migrating from print to digital platforms.

IAC reduced its full-year outlook, reflecting the persistent challenges facing legacy print businesses in a digital-first advertising market. The company posted a narrower loss compared with $216.8 million a year earlier, but the revenue miss and print decline signal ongoing structural headwinds for traditional media companies.