John123
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John123 in Gainers & Losers,

Priceline profit beats estimates as hotel bookings soar

Online travel services company Priceline Group Inc (PCLN) reported a better-than-expected jump in quarterly profit as hotel bookings rose and forecast current-quarter earnings largely above estimates.

Shares of the company, which operates Booking.com, Priceline.com and Kayak.com, rose 6.09% in extended trading on Thursday.

Priceline said it expected an adjusted profit of $28.30 to $29.80 per share for the third quarter ending Sept. 30. Analysts on average were expecting $28.99 per share, according to Thomson Reuters.

The company expects revenue to rise between 12% and 17%. 

The Norwalk, Connecticut-based company said hotel bookings rose 24.4% in the second quarter, while car rental bookings rose 7.6 percent.

Total gross bookings increased 19.4% in the quarter.

The company's net income rose to $580.64 million, or $11.60 per share, in the second quarter ended June 30, from $517.0 million, or $9.94 per share, a year earlier.

Excluding items, Priceline earned $13.93 per share.

Revenue rose 12.1% to $2.56 billion.

Analysts on average had expected earnings of $12.69 per share and revenue $2.58 billion.

Figures are good, I will keep the stock in my portfolio.