Next Tuesday, Barry Diller's InterActiveCorp (NYSE:IACI) will officially spin off Expedia (NASDAQ:EXPEV) as a stand-alone business to shareholders, along with the bulk of the businesses comprising IAC Travel, including and Hotwire, as well as media property TripAdvisor. This morning, investors got a sneak peek at life after separation as both IAC and Expedia reported second-quarter results individually.

The results were solid. Combined, IAC reported overall revenue growth of 34% to $2 billion, with operating income before amortization (OIBA) up 24% to $308.2 million and operating income up 58% to $172.6 million.

On an adjusted basis, net income climbed 23% to $214.9 million, or $0.30 per share -- beating the analyst estimate by a nickel. On a GAAP basis, net income was $618.1 million or $0.89 per share, accounting for after-tax gains of $322.1 million from the sale of IAC's interest in Vivendi Universal Entertainment and $79.6 million from the sale of the company's 48.6% stake in the German quiz channel Euvia.

Excluding Expedia, IAC grew revenues 44% to $1.4 billion and OIBA 39% to $124.3 million, with operating income more than doubling to $66.5 million. Sales in the retail segment jumped 47% to $761.6 million, boosted by the recent $720 million acquisition of Cornerstone Brands.

Meanwhile, services revenue climbed 52% to $475.8 million because of healthy performances from LendingTree and Ticketmaster. LendingTree helped financial services and real estate revenue almost triple to $130.3 million, while Ticketmaster posted 32% sales growth to $257.8 million due to a healthy summer concert season in the U.S., as well as gains internationally from acquisitions and strong ticket sales in Canada and Ireland.

The new Expedia posted revenue growth of 14% to $555 million, thanks primarily to continued strength internationally, where revenues climbed 59% over last year's second quarter to $116 million. Expedia also saw OIBA grew 15% to 174.3 million, with adjusted net income up 23% to $123.1 million.

In aggregate, it was a pretty decent quarter. And in aggregate, I think there is probably still some value left in IAC's stock at $27 per share. IAC did spend $1 billion buying back 48 million shares at $22.24 a pop during the second quarter, helping offset some of the shares issued in last month's Ask Jeeves acquisition -- a deal made as IAC aims to take a small share of the booming ad market away from Google (NASDAQ:GOOG) and Yahoo! (NASDAQ:YHOO) while gluing the company's online properties together.

The real question for IAC shareholders now is what to do after the spin-off occurs next week. Personally, I am inclined to hold on to both parts so long as I believe they are undervalued. That said, that is probably a matter we'll have to revisit in a couple of weeks. Stay tuned.

Fool contributor Jeff Hwang owns shares of InterActiveCorp.