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Priceline Shares Jump 4% On Strong Results

February 27, 2017 Changes Name To The Priceline Changes Name To The Priceline Group
Priceline's home pagePhotograph by Bloomberg via Getty Images

Travel website operator Priceline Group reported a 17.4% rise in fourth-quarter revenue, driven by higher hotel bookings.

Shares in the company rose 4% in after-hours trading to $1,695.

Net income rose to $673.9 million, or $13.47 per share, in the fourth quarter ended Dec. 31, from $504.3 million, or $10 per share, a year earlier.

The travel booking company’s net income outperformed analysts’ average expectation of $642.33 million, according to Thomson Reuters I/B/E/S. The consensus expectation was for earnings of $13.01 per share for the quarter.

“(Priceline) recorded accelerating growth in room nights booked for the full year 2016 over 2015, which reflects the benefits of our scaled accommodations platform and strong execution by our global teams,” CEO Glenn Fogel said in a statement.

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Revenue rose to $2.35 billion from $2 billion, slightly edging out analysts’ expectation of $2.322 billion.

“We will continue to focus on growing our supply base to drive customer choice, innovating around the customer experience and investing efficiently in marketing to deliver profitable topline growth,” Fogel said.