Priceline.com Soars as Profit Triples

NORWALK, Conn. (TheStreet) -- Shares of Priceline.com(PCLN Quote) are soaring after the online travel agent reported on Monday that its third-quarter profit more than tripled.

During the quarter, the company earned $319 million, or $6.42 a share, compared with $84.5 million, $1.74 per share, in the year-ago period.

Revenue jumped 30% to $730.7 million, as the summer travel season was "exceptionally strong" and consumers took advantage of Priceline's bargains.

Pricline expects full-year earnings in the range of $1.52 to $1.62 a share, better than the $1.49 a share analysts expect.

Shares of the company spiked 17% to $203.90 in afternoon trading.

Last month, rival Expedia(EXPE Quote) reported a 23% increase in its third-quarter profit and said it foresees an increase in bookings going forward.

-- Reported by Jeanine Poggi in New York

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