IAC/InterActiveCorp, billionaire Barry Diller's Internet company that operates websites like search engine and dating site, will report its first-quarter results before the market opens on Wednesday.

WHAT TO WATCH FOR: Investors will be keeping an eye out for growth in AIC's core search business, which includes Ask and online city guide Citysearch and makes money from online ads.

Throughout much of last year, the sparse advertising hurt business. That started to change during the fourth quarter, though, and first-quarter reports from Google Inc. and Yahoo Inc. suggest the market is bouncing back.

Another large unit of IAC is its Match business, which includes sites such as and While IAC may report a drop in revenue after selling Match Europe in June, it's likely to report a rise in the number of paid Match subscribers.

There was also probably some growth at and video-sharing site Vimeo.

WHY IT MATTERS: IAC's media and advertising results will provide more details as to how the online advertising market fared during the first three months of the year.

Recent results from peers point to a recovery: Earlier this month, Google said its first-quarter revenue rose 23 percent, while Yahoo said its revenue rose 1 percent. For both companies, the vast majority of revenue comes from online ads.

WHAT'S EXPECTED: Analysts polled by Thomson Reuters expect an adjusted profit of 7 cents per share on $350.2 million in revenue, on average.

LAST YEAR'S QUARTER: IAC reported a loss of 19 cents per share on $332 million in revenue. Excluding special items, the company's loss totaled 2 cents per share.