Ctrip Posts Q2 Loss, Proposes Name Change
Ctrip.com International (NASDAQ: CTRP), China's largest online travel service provider, reported second-quarter results that largely underwhelmed investors. The company swung to a net loss of $59 million after generating $360 million in profits a year ago. On a GAAP basis, earnings per share of a loss of $0.11 fell well short of analyst expectations of $0.18. Management cited a decline in the fair value of its equity investments as a primary reason for the loss.
Non-GAAP earnings (adjusted for non-recurring costs and stock option expenses) were $0.33 per share, higher than Wall Street's estimate of $0.30 and the $0.29 reported in the same period last year. Revenue of $1.27 billion slightly topped the consensus estimate of $1.25 billion, marking a 19% increase year over year. Despite the mixed results, CEO Jane Sun expressed optimism in the earnings call: "We are confident and excited about the long-term future for the travel industry in China and the world."
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Source Fool.com
