Priceline reported revenue of $2.42 billion, up 13% year over year but missing the consensus estimate of $2.44 billion. It reported adjusted earnings of $9.88 a share, beating estimates of $8.89. In the year-ago quarter, Priceline reported adjusted earnings of $10.54 a share. Priceline also projected adjusted earnings per share in a range of $13.30 to $14 for the second quarter, below the average estimate of $15 a share.
Priceline stock, which hit a record high of 1,927.13 on Monday, was down 3% near 1,850 in after-hours trading in the stock market today. Despite its woes, Chief Executive Glenn Fogel struck an upbeat tone.
“The Priceline Group is off to a strong start in 2017 with solid growth in room nights and rental-car days booked,” Fogel said in prepared remarks.
He said Priceline brands booked more than 173 million room nights during the quarter, up 27% over the same period last year. Fogel also said Booking.com continues to extend its accommodations network, with over 1.2 million properties on its platform, including hotels, homes and apartments, up 36% over last year. The company’s rental-car business grew rental-car days by 15% vs. the first quarter of last year.
Priceline’s six primary brands are Booking.com, Priceline.com, Kayak.com, Agoda.com, Rentalcars.com and OpenTable
While Priceline shares stumbled, TripAdvisor stock was up 7.6% near 50.50 despite the company falling short on its results.
TripAdvisor reported revenue of $372 million, up 6% from the year-ago quarter but missing the consensus estimate of $377.4 million. It reported adjusted earnings of 24 cents per share, missing the consensus of 29 cents. In the year-ago quarter, TripAdvisor reported revenue of $352 million and adjusted earnings of 32 cents.
Chief Executive Steve Kaufer said TripAdvisor now has more than 500 million reviews and opinions on its TripAdvisor website
“Later in Q2, we plan to launch a brand advertising campaign to build user awareness of TripAdvisor as not only a great place to research a hotel, but a great place to find the lowest prices when a user is ready to book,” Kaufer said in prepared remarks with the earnings release.
TripAdvisor will hold its quarterly earnings conference call with analysts Wednesday morning.
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