Priceline's revenues were up 18.3% and room nights 21% from the year-ago quarter. The company saw average daily rates for accommodations or ADRs decline slightly year over year.
On a year-over-year basis, both agency and merchant business showed strong momentum. Room nights and Rental cars performed impressively. The only point of weakness was airline tickets.
At the call, management stated that the company’s ongoing investments in people, technology, product and marketing are contributing significantly.
However, weaker ADRs, macro headwinds, increasing advertising spend and occupancy tax-related litigation remain overhangs.
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