TripAdvisor (NASDAQ:TRIP) reported its latest quarterly earnings results late on Tuesday, bringing in mixed results that included adjusted earnings that topped expectations, while sales were underwhelming, playing a role in TRIP stock sinking more than 10% on Wednesday.
The Needham, Mass.-based travel and restaurant website announced that for its first quarter of its fiscal 2019, it brought in net income of $26 million, or 18 cents per share, which is several times larger than the company’s net income of $5 million, or 4 cents per share, from the same period a year ago.
When adjusted for one-time items, TripAdvisor added that it posted earnings of 36 cents per share, roughly 20% higher than the adjusted earnings of 30 cents per share it brought in during the same period in its fiscal 2018. Wall Street said in its consensus estimate that it called for revenue of $387 million, according to data compiled by FactSet.
The company also posted revenue of $376 million, which marked a 0.5% slide when compared to its revenue fo $378 million from the same period a year ago. Wall Street called for TripAdvisor to bring in revenue of $387 million in its consensus estimate, according to a survey of analysts compiled by FactSet.
In 2019, the company plans on focusing “on product improvements and supply growth to drive an even more engaged customer base and long-term revenue on our platform,” CEO Ernst Teunissen said in a statement
TRIP stock was sinking about 11.4% during regular trading hours today following the company’s strong quarterly earnings results. Shares were unmoved after hours.