Shares of Tripadvisor edged up Wednesday after the online travel site reported fourth-quarter results that handily beat earnings estimates and came in ahead of sales views. But TRIP stock pared its gains after surging by double digits premarket.
The online travel company reported adjusted earnings of 16 cents a share on revenue of $354 million. Analysts expected Tripadvisor to report adjusted earnings of 4 cents a share on revenue of $344 million.
Revenue jumped 47% from the year-ago period.
For the full year, revenue increased 65% to nearly $1.5 billion. The company said that "increased consumer demand for travel industry related services" drove revenue performance. Further, Tripadvisor added that restrictions on travel eased and the industry continued its recovery.
"We were pleased to see robust activity in the travel industry in 2022, especially in light of the macro uncertainty throughout much of the year," said Chief Executive Matt Goldberg, in a statement with the news release. "Tripadvisor Group sits at a unique intersection between travelers and partners, in a large and growing industry, and one that has demonstrated resilience."
After surging more than 10% premarket, TRIP stock finished the day up 0.3% to 25.20 on the stock market today.
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