In the second quarter of 2016, total revenue declined 3% to $391 million, with the hotel segment (TripAdvisor's largest by far) declining 8%. The biggest reason? Click-based ad revenue -- which makes up more than half of total revenue -- fell 15% to $201 million. While this looks bad on the surface, keep in mind it's the strategic path the company has chosen to compete more directly in the travel-booking game. In coming quarters, TripAdvisor hopes this drop-off in ad revenue will be offset by revenue generated from Instant Booking. And since this revenue isn't realized until a customer completes a stay, that timing has the potential to make revenue results -- when compared against the previous year -- look worse for another quarter or two. Earnings per share for the second quarter fared even poorer, falling 42.5% to $0.23. The big factor here was spending on technology and content -- which grew 24% to $62 million for the period. The global launch of Instant Booking meant that TripAdvisor incurred significant costs related to its expansion into direct hotel bookings, airline reviews, and an improved mobile experience. Though both of these results missed analyst estimates, CEO Steve Kaufer says the company is playing "the long game" and will continue to make investments to create the best user experience in the industry. These efforts are already yielding success, according to management. A return to overall revenue growth would do a lot to soothe investors' anxiety. Get the full story at The Motley Fool