TripAdvisor (TRIP) shares jumped 12% during the after-market hours on Wednesday after the travel company reported huge earnings beat in the third quarter. Earnings stood at 72 cents per share, compared to 48 cents per share expected by analysts.
Total revenue grew 4% to $458 million driven by solid performance in the Non-Hotel segment, but missed analysts’ projection of $469.1 million.
CFO Ernst Teunissen said, “Q3 had a number of very positive developments. Revenue per hotel shopper grew 5%, and revenue growth accelerated in our key Non-Hotel offerings.”
“Hotel Adjusted EBITDA nearly doubled year-over-year and consolidated adjusted EBITDA grew 54%. We are on track to deliver strong profit growth in 2018, and we are well-positioned heading into 2019,” he said.
GAAP net income grew 176% to $69 million. Total adjusted EBITDA from Hotel segment almost doubled to $99 million during the quarter, while that from non-Hotel segment gained a modest 7% to $47 million.
Earlier, shares of rival Booking Holdings (BKNG) rose 8% after the company reported market-beating third quarter results. Expedia (EXPE) also posted better-than-expected third-quarter results, sending its shares up 8% following the announcement.
TripAdvisor shares have gained 64% so far this year. The stock gained 8% during pre-market trading on Thursday.