Trip.Com Group Ltd TCOM shares are trading lower Tuesday after the company reported third-quarter financial results.
What Happened: Trip.com said third-quarter revenue increased 99% year-over-year to $1.89 billion. The company reported adjusted earnings per ADS of $1.00.
Total bookings on the company’s platform increased by more than 100% year-over-year. Domestic hotel bookings grew by over 90% on a year-over-year basis. Outbound hotel and air reservations recovered to around 80% of pre-Covid levels.
“Throughout the third quarter of 2023, both domestic and international travel experienced a remarkable rebound, thanks to the robust summer travel demands. This shows just how eager travelers are to explore the world,” said James Liang, executive chairman of Trip.com.
“Looking ahead, we will continue our efforts in expanding our global presence and cultivating AI-related initiatives, laying the foundation for continued growth of our company.”
Trip.com said it repurchased $120 million worth of its stock from September to Nov. 20. The company’s board also approved a regular capital return policy in the form of annual share repurchases and annual cash dividends. The new capital return program is set to commence in 2024.
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