Priceline Group Inc. reported its 2nd quarter 2017 financial results.
Gross travel bookings were USD 20.8 billion, an increase of 16% over a year ago (approximately 19% on a constant-currency basis).
Gross profit was USD 3.0 billion, a 21% increase from the prior year (approximately 24% on a constant-currency basis). International operations contributed gross profit in the 2nd quarter of USD 2.6 billion, a 24% increase versus a year ago (approximately 26% on a constant-currency basis). Net income was USD 720 million, a 24% increase versus the prior year. Net income was USD 14.39 per diluted share, a 24% increase as compared to the prior year.
Non-GAAP net income was USD 758 million, a 20% increase versus the prior year. Adjusted EBITDA was USD 974 million, a 20% increase versus a year ago.
"The Priceline Group achieved strong results for the second quarter," said Glenn Fogel, Chief Executive Officer of the Priceline Group. "Globally, our accommodation business booked 170 million room nights in the quarter, up 21% over the same period last year." Looking forward, Mr. Fogel said, "We are pleased with the performance of the business and will continue to build our franchise by adding properties to the platform and by investing in technology, customer experience and content expansion."
Guidance for the 3rd quarter of 2017 is as follows:
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