Trip.com Group Registers 32% Sales Decline In Q2 - Trip.com Group (NASDAQ:TCOM)

Trip.com Group Ltd TCOM reported a second-quarter FY22 sales decline of 32% year-on-year, to $598 million.
Accommodation reservation revenue fell 45% to RMB1.4 billion ($203 million), and Transportation ticketing revenue declined 15% to RMB1.8 billion ($263 million).
The gross profit for the quarter fell 35% to RMB3 billion ($452 million), and the gross margin contracted 360 basis points to 75.5%.
The operating loss for the quarter was RMB(167) million.
The company held $9.8 billion in cash and equivalents as of June 30, 2022.
Adjusted EBITDA for the quarter increased 290% Y/Y to RMB355 million ($53 million).
Net income attributable for the quarter was RMB69 million versus a loss of RMB(647) million a year earlier.
Non-GAAP loss per ordinary share and per ADS was RMB(0.31) or $(0.05) for the second quarter of 2022.
"The recovery momentum in Europe and the United States remained robust, and the rebound of travel activities in the Asia-Pacific region also sped up due to further relaxation of travel restrictions," said executive chairman James Liang.
"Despite the challenges in the China domestic market in the first two months of the second quarter, the fundamental demand for travel remained solid."
Price Action: TCOM shares are trading higher by 1.15% at $24.71 in premarket on the last check Thursday.