Why Tripadvisor Stock Took Off Today
Shares of online travel company Tripadvisor (NASDAQ: TRIP) took off on Tuesday after the company reported financial results for the third quarter of 2023. As of 1 p.m. ET, Tripadvisor stock was up about 11%.
If you think that Tripadvisor is a stodgy, low-growth business, then you're partly right. The core Tripadvisor platform for reviewing places and experiences only enjoyed 2% year-over-year revenue growth. However, the company grew total revenue by 16%, reaching an all-time quarterly high of $533 million, thanks to the other high-growth platforms it owns.
Tripadvisor's restaurant-booking platform, TheFork, grew revenue 20% year over year, hitting $42 million. But the real star of the show was Viator, a platform for booking experiences and tours. Viator reported Q3 revenue of $245 million, up 41% from the prior-year period and almost matching revenue of $290 million for Tripadvisor's core platform.
Source Fool.com
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