June 21, 2018
Travelers losing interest in home-sharing
According to MMGY Global’s Portrait of American Travelers study, just 33% of respondents are interested in sharing economy accommodations, down from 41% in 2017 and 37% in 2016.Read more
TripAdvisor said sagging hotel revenue and rising marketing costs pressured fourth-quarter results. As competition heats up from sites ranging from Kayak to Airbnb, TripAdvisor has been trying to beef up its offerings while spending more on advertising.
Shares, which have fallen 11% in the past 12 months, tumbled 5.3% after hours to $49.41.
For the three month period ending December 31, hotel sales fell 3.1% to $252 million while selling and marketing expenses climbed 18.6% to $172 million, though total expenses eased 8.4%.
For the quarter, the company reported a profit of $1 million, or a penny a share, down from $3 million, or 2 cents a share, a year earlier. Excluding certain items, profit per share slipped to 16 cents from 45 cents the previous year.
Revenue rose 2.3% to $316 million.
Get the full story at Reuters and TripAdvisor
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