E-commerce conglomerate IAC/InterActive Corp. on Wednesday reported an 80 percent surge in earnings in the first quarter, as revenues rose by 14 percent.

The New York-based company said net income rose to $68.95 million, or nine cents a share, for the period ended March 31, from $38.3 million, or six cents a share, for the same period a year ago. Revenues increased to $1.65 billion from $1.4 billion a year ago.

"IAC had a positive quarter in all respects, and, most importantly beyond the metrics, is making consistent progress in becoming a disciplined operating company capable of above average performance," Barry Diller, IAC chairman and chief executive, said in a statement.

IAC owns travel sites, such as Expedia and Hotels.com; local and media services, including Citysearch; financial services and real estate sites; and the Home Shopping Network. The company recently announced the acquisition of search engine Ask Jeeves and the pending spin-off of Expedia.

Mark Mahaney, financial analyst for American Technology Research, said in a research note that IAC's fundamentals improved for the second consecutive quarter, but he maintained a hold rating on the company stock.

Mahaney said the trends in several of IAC's segments "look promising, but the fundamental trends in the online travel segment appear uncertain."

"We continue to believe that market sentiment on online travel is overly pessimistic. But we are also looking for signs of consistent, strong execution from Expedia," Mahaney said.