Tripadvisor Shares Tumble on Revenue Miss, Soft Travel Demand

Investing.com2024-08-07

Tripadvisor Inc. (NASDAQ:TRIP) reported second quarter earnings that beat analyst expectations, but revenue fell short of estimates, sending shares down 12.3% in after-hours trading.

The travel platform posted adjusted earnings per share of $0.39, surpassing the analyst consensus of $0.37. However, revenue came in at $497 million, missing the $505.09 million analysts had forecast and representing a modest 1% YoY increase.

Tripadvisor's CEO Matt Goldberg highlighted the company's progress, stating, "This was the first quarter on record that each of our three segments contributed to our profitability."

He added that the company's teams continue to deliver value through product innovation and marketing efficiency, which they expect to drive long-term sustainable growth.

Despite the revenue miss, Tripadvisor reported net income of $24 million, or $0.17 per share. Adjusted EBITDA reached $97 million, accounting for 20% of revenue.

CFO Mike Noonan commented on the results, saying, "Our consolidated performance reflected the strength of combined contributions across the segments, despite some of the anticipated top line headwinds in the quarter."

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