TripAdvisor Inc. (NASDAQ: TRIP) reported better-than-expected earnings for the first quarter of 2019 while revenues came in shy of forecasts, sending shares tumbling over 6% in aftermarket hours on Tuesday.
Total revenues of $376 million were down 1% on a year-over-year basis. Excluding changes in foreign currency, revenues grew approx. 2%.
On a GAAP basis, net income jumped 420% to $26 million while EPS rose 350% to $0.18. Adjusted net income grew 21% to $51 million, or $0.36 per share.
CEO Steve Kaufer said, “In Q1, we grew profit and while investing in and growing our strategically important Experiences and Restaurants businesses. This year we are focused on product improvements and supply growth to drive an even more engaged customer base and long-term revenue on our platform.”
In the Hotels, Media & Platform segment, revenue remained flat at $254 million compared with the year-ago quarter. Within this segment, revenue from TripAdvisor-branded hotels was flat at $216 million while revenue from TripAdvisor-branded display and platform increased 6% to $38 million.
Revenue in the Experiences & Dining segment grew 29% to $80 million. Other revenue decreased 33% to $42 million, mainly due to the elimination of some marginal and unprofitable revenue within some non-TripAdvisor branded offerings. This in turn reduced revenue and increased profitability.
Cash and cash equivalents and short-term marketable securities was $811 million and there was no outstanding debt as of March 31, 2019.
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