Priceline Group Inc PCLN was crushed in Monday's after-hours session despite delivering a third-quarter earnings beat.
The travel-booking platform reported third-quarter adjusted EPS of $35.22, beating estimates by 97 cents.
- Gross profits increase 22 percent year-over-year to 4.4 billion; and
- $21.8 billion in all travel services booked in Q3, up 18 percent year-over-year.
"Priceline Group delivered solid growth and operating results during our seasonally busy third quarter," said CEO Glenn Fogel. "Globally, our accommodation business booked 178 million room nights in the third quarter... Booking.com showed continued momentum with approximately 1.5 million properties on its platform, up 41% over last year. This represents 26.9 million potentially bookable rooms, which we believe to be the largest, and most diverse, selection of instantly bookable accommodations in the world."
Shares fell more than 6 percent, trading around $1,775 at time of publication.
Tripadvisor Inc TRIP was also crushed.
The world’s largest travel website reported third-quarter EPS of 36 cents, beating estimates by a penny, but sales fell short $12 million short of estimates at $439 million.
- Revenues up 4 percent year-over-year;
- User reviews and opinions grew 32 percent year-over-year reaching 570 million; and
- Non-hotel revenue grew 26 percent year-over-year led by growth in attractions and restaurants.
“We are making progress on our 2017 initiatives,” said CEO Steve Kaufer. “In Hotels, we are pursuing profitable long-term revenue growth through an improved shopper experience and a marketing shift to brand-building channels. In Non-Hotels, we are investing to increase our lead, particularly in Attractions, as we broaden our marketplace and further deepen traveler engagement in more moments on their trip.”
The stock traded at $35.55, down 10 percent at time of publication.
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