TripAdvisor's 3Q profit up on stronger revenue
NEWTON, Mass. (AP) — TripAdvisor Inc.'s shares soared in after-hours trading Thursday after the online travel review service company reported third-quarter results that exceeded market expectations.
The company's net income jumped 9 percent to $59.4 million, or 41 cents per share, from $54.3 million, or 41 cents per share, earned last year. It earned 46 cents per share versus 44 cents per share last year on an adjusted basis.
TripAdvisor's revenue increased 18 percent to $212.7 million on increased advertising and subscription revenue.
Analysts polled by FactSet were expecting the company to earn 42 cents per share on revenue of $210.9 million.
"As we drive continued traffic and content growth on a global scale, we are making wonderful strides to enhance the TripAdvisor experience for both our traveler community and our advertising partners alike," Steve Kaufer, president and CEO of TripAdvisor, said in a statement.
TripAdvisor, based in Newton, Mass., operates its namesake site as well as 19 other online travel media brands, including seatguru.com, bookingbuddy.com and holidaywatchdog.com.
Its shares jumped $4.69, or nearly 16 percent, to $34.10 on the news. TripAdvisor's stock fell 88 cents to close regular trading at $29.41.