UPDATE: Priceline Posts Higher Q1 Earnings

Priceline Group

reported a 36% gain in its first-quarter earnings. Priceline's quarterly profit surged to $331.2 million, or $6.25 per share, versus a year-ago profit of $244.3 million, or $4.76 per share. Excluding special items, its earnings surged to $7.81 per share from $5.76 per share. Its revenue jumped 26% to $1.64 billion. The company in February expected a profit of $6.35 to $6.85 per share on revenue growth of 15% to 25%. Analysts were expecting a profit of $6.91 per share on revenue of $1.63 billion. Priceline's gross bookings increased 34%, while international bookings jumped 37%. Its domestic bookings also surged 19%. Priceline expected current-quarter profit of $11.22 to $12.02 per share on revenue growth of 19% to 29%. However, analysts projected a profit of $12.27 per share on 26% revenue growth. Priceline shares gained 1.62% to $1,150.02 in pre-market trading.