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Tripadvisor, Inc.(NASDAQ:TRIP) added to optimism on travel names with a big earnings beat on Thursday, leading the entire S&P 500 to close the week.
Shares of the Needham, Massachusetts-based online travel company shot 20.79% higher shortly before Friday’s close, extending gains over the past month to over 33% gain.
The company notched a comfortable beat on top and bottom lines for the second quarter, including a 77.8% jump in revenue from the prior year. Management noted that multiple segments rebounded to stronger results than the company had seen in 2019. That trend is expected to translate to the overall business in the current quarter.
“Although travel is possibly also impacted by the macro trends of inflation and consumer sentiment, we point out that travel and our business have performed strongly throughout Q2 and the recovery versus 2019 has continued regardless of any macro factors,” a letter to shareholders read. “In fact, we anticipate revenue to continue to improve versus 2019 in Q3.”
The strong surge for Tripadvisor (TRIP) and commentary on a bounce-back in European demand appeared to boost key European peer Trivago (TRVG) +5.37% as it prepares to report on Tuesday.
