Priceline.com income falls, but tops estimates
November 11, 2008 | Online Travel
Priceline.com said its third-quarter earnings fell 16 percent from a year-ago period helped by a hefty tax gain, but results still beat Wall Street expectations, writes BusinessWeek.
However, the company issued a fourth-quarter profit forecast below analysts’ estimates, citing the weak economy’s effect on international travel.
President and Chief Executive Jeffery H. Boyd said bargain-hunting shoppers boosted bookings in the quarter, but international business slowed in late September and October. He blamed global economic weakness, the falling value of the euro and lower hotel rates.
Priceline said the gross value of all travel services it booked in the third quarter, including taxes and fees, rose 47 percent to $2 billion.
Get the full story at BusinessWeek
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