Priceline reporting slowing growth, wary outlook
August 08, 2012 | Online Travel
Priceline.com's growth slowed markedly in the second quarter, with a surprisingly downbeat outlook underscoring how its robust gains in the European hotel market are falling prey to economic uncertainty.
As the online travel agency reported a 37% earnings increase, its stock went into a tailspin after hours on the unwinding growth and cautious outlook.
Among online travel agencies, Priceline has the greatest international and hotel focus, which until now have been the sector's breeding grounds for growth.
Priceline Chief Executive Jeffery H. Boyd said the company--operator of its namesake website as well as Booking.com, Agoda.com and Rentalcars.com--now assumes fairly significant deceleration, particularly in the key European businesses that represent about 60% of its booked hotel room nights.
Get the full story at Fox Business and Priceline (PDF 170 KB)
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