Changes Name To The Priceline Group
Priceline's home page Photograph by Bloomberg via Getty Images

Priceline Shares Rise On Strong Hotel Bookings

Nov 07, 2016

Travel website operator Priceline Inc reported a 19% jump in quarterly revenue, driven by a 29.4% surge in hotel bookings.

Shares (pcln) of the company, whose brands include and Kayak, rose 5.5% to $1,562 in after-hours trading on Monday.

Priceline, the world's largest online travel agency by market value, said total gross bookings soared 24.9% to $18.46 billion ahead of the holiday season.

Rival Expedia said last month that October bookings looked "healthy."

Norwalk, Connecticut-based Priceline said it expected an adjusted profit of $12.20-$12.80 per share for the current quarter.

Priceline's net income fell to $506.0 million, or $10.13 per share, in the third quarter, from $1.20 billion, or $23.41 per share, a year earlier.

The company said it incurred a non-cash charge of $941 million relating to an impairment of OpenTable's goodwill.

Excluding items, the company earned $31.18 per share.

Revenue rose to $3.69 billion from $3.10 billion.

For more about Priceline, watch:

Priceline said car rental bookings rose 12.5% in the three months ended Sept. 30.

Up to Monday's close, Priceline's shares had risen 16.1% this year, outperforming a 4.3% rise for the broader S&P 500 index.

All products and services featured are based solely on editorial selection. FORTUNE may receive compensation for some links to products and services on this website.

Quotes delayed at least 15 minutes. Market data provided by Interactive Data. ETF and Mutual Fund data provided by Morningstar, Inc. Dow Jones Terms & Conditions: S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Terms & Conditions. Powered and implemented by Interactive Data Managed Solutions