iac-logo.gifBarry Diller‘s IAC turned a profit for the second quarter in a row, this time of $.34 per share or $46.3 million, despite a 9% drop in revenue.

Media & Advertising sustained an 11% drop in revenue while Emerging Businesses (aka The Daily Beast) watched revenues fall 19%.

Ironically, the revenue declines in Media & Advertising, including at IAC’s Ask.com, are a result of a redesign that makes Ask.com more efficient. In October 2008, the site was relaunched to allow users to find their desired information with fewer clicks, which results in fewer ads being shown and also a decrease in cost per click, IAC’s release said. Meanwhile, lower income in Emerging Businesses “reflect[s] continued investment in InstantAction.com and The Daily Beast…” so Diller isn’t giving up on Tina Brown just yet.