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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 Booking.com 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.

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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.

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