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Pricline.com reports strong Q3 results; has no plans for a global hotel platform

November 08, 2011 | Online Travel

The weaker than expected forecast for the fourth quarter comes even as the company reported solid third-quarter results. During the third quarter, Priceline’s gross bookings rose 56%, beating analysts’ estimates. The company’s international bookings rose 73%, while its domestic bookings rose 13% in the third quarter.

Priceline.com’s hotel-room nights climbed 47% in the third quarter of 2011. Rental car-days, meanwhile, rose 36% in the third-quarter of 2011. The company’s airline ticket volume rose 7.7% in the third quarter of 2011.

For the third quarter of 2011, the company reported a profit of $469.5 million, or $9.17 per share, compared with $223 million, or $4.41 per share reported for the same period in the previous year. The company’s revenue for the third quarter of 2011 jumped 45% to $1.45 billion. The company’s third-quarter earnings and revenue growth came in ahead of the guidance it gave in August.

Priceline’s gross margin for the third quarter of 2011 improved from 66.50% to 75.70%.

CEO Jeffery Boyd said that the company is pleased with the solid momentum seen in the third quarter of 2011.

Get the full story at Piceline.com (PDF 140 KB)

Read also "Priceline has no plans for a global hotel platform", "Priceline’s Take on Google Entering the Friendly Skies" at The Wall Street Journal, and "Is Priceline.com A Bubble Stock?" at Seeking Alpha

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