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Shares of TripAdvisor Inc. were gaining in after-hours trading Wednesday after the online-travel company topped revenue expectations for its most recent quarter and named a new chief executive.
TripAdvisor
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posted a net loss of $34 million, or 24 cents a share, whereas it lost $80 million, or 59 cents a share, in the year-before quarter.
On an adjusted basis, TripAdvisor lost 9 cents a share, compared with 39 cents a share a year earlier. The FactSet consensus was for an adjusted loss of 8 cents a share.
Revenue more than doubled to $262 million from $123 million, while analysts tracked by FactSet were anticipating $253 million.
“After an omicron-impacted January, our business picked up strongly in February and March, resulting in exceeding our own expectations for the quarter,” Chief Executive Steve Kaufer said in a release. “We are optimistic about the remainder of 2022 and the increasing demand for travel, and are excited to help provide great advice and guidance to our community of travelers as they venture out again into the world.”
Shares were up nearly 5% in after-hours trading.
TripAdvisor also announced that Matt Goldberg, an executive with media and advertising experience, will be joining the company as its next CEO at the start of July. Goldberg’s most recent role was as the executive vice president for North America and Global Operations at The Trade Desk Inc.
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“Matt has plenty of relevant experience in travel but interestingly most recent was at a digital marketing company, Trade Desk — which likely shows that the display advertising route is the planned path post the spinoff of Viator,” Bernstein analyst Richard Clarke wrote in a note to clients following the announcement.
Goldberg is set to succeed Kaufer, a company co-founder.
