Investors weren't expecting great news when TripAdvisor reported its fiscal third-quarter results. The online travel giant has seen shrinking sales in recent quarters as its hotel booking platform struggles to gain traction in a crowded market.

But the company believes its new plan is bold enough to meet the new challenges. That starts with working to win business that doesn't depend on Google search placement, including display advertising, restaurant transactions, and hotel business-to-business bookings.

Related: TripAdvisor: deal 'exciting opportunity' in China