TripAdvisor down after sales fall short
TripAdvisor has seen share prices plunge in market trading after second- quarter revenue missed analysts’ estimates.
Revenue climbed 16 per cent to $197 million, the Newton, Massachusetts-based company said earlier.
However, this was below analysts estimates of $204 million on average, according to data compiled by Bloomberg.
TripAdvisor posted a second-quarter profit of $53 million, or 37 cents a share, down from $54.1 million, or 41 cents a share, a year earlier.
Excluding some items, earnings were 41 cents a share, matching analyst projections.
TripAdvisor and other travel companies are facing headwinds from the sputtering economy and the credit crisis in Europe.
The online travel recommendation service was spun off from Expedia in December in 2012.