TripAdvisor Inc. ’s first-quarter profit fell 7% as the company’s revenue and expenses both increased. The travel portal said monthly unique visitors grew 31% compared to the first quarter of 2014 to 340 million.
Like its peers, the company has stepped up advertising spending and discounts and loyalty programs in response to increased competition ranging from sites such as Kayak that search multiple sites to startups such as Airbnb Inc.
TripAdvisor reported a profit of $63 million, or 43 cents a share, down from $68 million, or 47 cents a share, a year earlier. Excluding items such as stock-based compensation, per-share earnings were flat at 54 cents.
Revenue rose 29% to $363 million. The increase was about 36% on a constant-currency basis. Meanwhile, total costs and expenses increased to $273 million from $185 million.
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