A few more quarters like this, and the market will probably have to recognize InterActiveCorp's (NASDAQ:IACI) value.

Much like the second-quarter report, the company's earnings report Tuesday was solid with across-the-board growth. Revenues in Barry Diller's conglomerate climbed 55% to $1.48 billion, operating income before amortization more than doubled to $156.3 million, and adjusted net income rose 63% to $114.6 million, or $0.32 per share. Revenues were ahead of the analyst estimate of $1.4 billion, while the earnings figure handily beat the analyst estimate of $0.26.

On a generally accepted accounting principles basis, the company earned $0.19 per share.

InterActiveCorp's growth was widespread. The retailing segment's revenues grew 47% to $749.5 million thanks to the acquisition of Cornerstone Brands as well as growth from the Home Shopping Network. Services revenue jumped 59% to $486.2 million; as in the second quarter, that was driven primarily by LendingTree closing loans in its own name. Meanwhile, the media and advertising segment grew more than tenfold to $83.9 million due to the AskJeeves acquisition, while membership and subscriptions increased revenues 17% to $162.8 million, led by growth in personals.

On a side note, InterActiveCorp said that AskJeeves increased its share of the U.S. search market to 6.4%, though that's still well behind rivals Google (NASDAQ:GOOG) and Yahoo! (NASDAQ:YHOO). In addition, the retailing segment did 23% of its business online, up from 15% last year.

Despite the August spinoff of Expedia (NASDAQ:EXPE), IAC's stock remains beaten down due to the outward complexity of the business. But the stock remains cheap, as InterActiveCorp's retailing business continues to generate reliable cash flow, while smaller parts of the business such as LendingTree and AskJeeves stand to be bigger and bigger contributors to both the top and bottom lines.

Beyond business, InterActiveCorp is creating value by buying back its stock on the cheap. The company spent $459 million on share repurchases during the quarter, buying back 18.1 million shares at an average of $25.36 each. This year, the company has spent a total of $1.6 billion on share repurchases, and it now has $1.3 billion in cash net of debt on its balance sheet.

The company is in good shape, and I still think it is worth a look at its current price of around $27 per share.

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Fool contributor Jeff Hwang owns shares of InterActiveCorp and Expedia.