Priceline Shares Drop $55 and Bounce $50 After Priceline.com Earnings: Double Digit Revenue
Priceline Shares Drop $55 and Bounce $50 After Priceline.com Earnings: Double Digit Revenue Growth (VIDEO).
The online travel company [PCLN] posted first-quarter earnings excluding items of $4.28 per share, up from $2.66 per share in the year-earlier period.
Revenue rose 29 percent to $1.04 billion from $809 million a year ago.
Analysts had expected Priceline to report earnings excluding items of $3.95 per share on $1.04 billion revenue, according to Thomson Reuters.
For the second quarter, Priceline said it expects earnings between $7.20 and $7.40 a share with a revenue increase of between 18 percent and 23 percent.
The current consensus is for earnings of $7.37 a share on revenue of $1.39 billion, which would be an increase of 26 percent — much higher than the company's range.
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