Trip.com returns to profit in the third quarter
The firm has topped consensus revenue estimates four times over the last four quarters
Stocks impacted: Trip.com Group Limited (TCOM)
Trip.com reported third-quarter earnings that beat forecasts and revenue that topped expectations. The Shanghai-based company said third-quarter earnings came in at $234 million while net income arrived at 38 cents per share. The company also posted revenue of $805 million. This compares to year-ago revenues of $1.47 billion. The firm has topped consensus revenue estimates four times over the last four quarters. Net revenue for the third quarter of 2020 increased by 73% from the previous quarter. Accommodation reservation revenue saw a 40% decrease from the same period in 2019. Despite quarterly results were negatively impacted by the pandemic, Trip.com benefited from the containment of COVID-19 in China. A strong recovery in its domestic business has contributed to substantially all of its total revenue. Trip.com shares have climbed nearly 2.5% on Tuesday.
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