Priceline overshoots the runway
August 07, 2008 | Online Travel
Once again, the travel website has landed ahead of schedule, delivering its ninth consecutive quarter of better-than-expected profits. Revenue soared 44% to $514.0 million.
Priceline has made success a habit. It doesn’t simply buzz the control tower every three months—it flat-out overshoots expectations by a wide margin.
The stock opened 13% lower this morning, despite besting the perpetually humbled pros by nearly 10%. It may be that spoiled investors have grown used to bigger surprises. It may be that the shares rallied heading into the report. It may also be that the company upped its guidance for the rest of the year, but did so in a cautionary tone as the online travel industry bumps up against economic weakness and airlines scaling back on their flight schedules.
The market’s reaction is a pity, because Priceline—and to a lesser extent Expedia—have become the two online travel sites that investors can rely on to deliver healthy growth these days.
Get the full story at The Motley Fool
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