Tripadvisor Inc (NASDAQ:TRIP) shares were skyrocketing late in the day as the company unveiled its latest quarterly earnings results, which were well ahead of analysts’ expectations.
The travel website’s shares dipped earlier in the day before growing as the company reported first-quarter net income of $5 million, or 4 cents per share. In the year-ago quarter, its net income was stronger at $13 million, or 9 cents per share.
However, Tripadvisor impressed as its adjusted earnings tallied up to 30 cents per share to kick off its fiscal 2018. Analysts were calling for adjusted earnings of 16 cents per share in their quarterly earnings outlook, according to analysts surveyed by FactSet.
On the revenue front, Tripadvisor also impressed as sales gained about $6 million, growing from $372 million in its first quarter of fiscal 2017 to $378 million in its first quarter of fiscal 2018. Wall Street was projecting revenue of $360.9 million in their consensus estimate, according to FactSet.
The company added that its User Reviews were higher during the period, increasing by 26% compared to its year-ago quarter, which is a metric that is directly linked with the company’s revenue growth. Tripadvisor also added more Monthly Unique Visitors during its first quarter as this figure gained more than 12% compared to the year-ago quarter.
TRIP shares were soaring after hours Tuesday, increasing more than 19.3% following a 1.7% decline during regular trading hours.