Tripadvisor, Inc. (NASDAQ:TRIP) shares are trading lower after the company reported second-quarter FY24 results yesterday.
Adjusted earnings per share of $0.39 topped the street view of $0.37.
Quarterly revenues of $497 million missed the analyst consensus of $504.8 million, increasing 1% Y/Y.
Total Adjusted EBITDA in the quarter under review rose 8% to $97 million.
Brand Tripadvisor sales slumped 10% Y/Y to $250 million. Brand Tripadvisor adjusted EBITDA declined 13% Y/Y to $84 million, with a margin of 34% (flat Y/Y).
On the other hand, Viator revenue was $244 million, reflecting Y/Y growth of 13%.
As of June-end, the company held around $1.2 billion in cash and cash equivalents.
In the second quarter of 2024, Tripadvisor repurchased 1.366 million shares of its common stock at an average price of $18.28 per share, totaling $25 million, excluding fees and commissions.
Mike Noonan, Chief Financial Officer said, "Our consolidated performance reflected the strength of combined contributions across the segments, despite some of the anticipated top line headwinds in the quarter. Our operational progress provides us the confidence that our segment strategies are setting the groundwork for an attractive long-term financial profile."
Investors can gain exposure to the stock via Amplify ETF Trust Amplify Travel Tech ETF (NYSE:AWAY).
Price Action: TRIP shares are down 14.4% at $13.97 premarket at the last check Wednesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo by Tero Vesalainen via shutterstock
