Tripadvisor Inc (NASDAQ:TRIP) joins the long list of online booking avenues that were hit hard by the hurricanes that hit Florida and Texas this year.
During the third quarter, the site managed to top earnings expectations by a penny, bringing in 36 cents per share compared to the consensus estimate of 35 cents per share, according to data compiled by Thomson Reuters. In the year-ago quarter, the company earned 53 cents per share on an adjusted basis.
However, TripAdvisor’s revenue left something to be desired as the company raked in $439 million over the period, falling below the Wall Street projection of $451.8 million, according to data compiled by Thomson Reuters. The figure was above the year-ago revenue of $421 million.
Over the quarter, the company reported a free cash-flow deficit of $150 million, topping the mark of $109 million posted in the year ago quarter. “Re-igniting near-term Hotel growth has been more difficult than expected,” CFO Ernst Teunissen said..
Teunissen added that the company has been making strides towards improving its bottom line through “prudent expense management,” while also making a “significant investment in television advertising.”
TripAdvisor’s hotel revenue came in at $312 million for the period, declining 3% year-over-year. Its non-hotel bookings amounted to revenue of $127 million, a 26% improvement compared to the year-ago period.
“We will continue to strike an appropriate balance between near-term growth and profitability as we continue to work towards long-term profitable growth,” added Teunissen.
TRIP stock declined 9.1% after hours Monday.