The Needham, Mass., travel-review platform, like the rest of the travel industry, is looking to recover from the devastation of the coronavirus pandemic shutdown.
Shares of TripAdvisor were wavering in the premarket between gains and losses. At last check they were down almost 1% at $18.
While Tripadvisor said monthly unique users were down significantly year-over-year, they have improved since April.
In April and May monthly unique users were about 33% and 45% of last year's comparable period, respectively, and May monthly unique users increased about 38% compared with April.
TripAdvisor said it expects to release second-quarter results in early August.
Based on June trends month-to-date, TripAdvisor said that June year-over-year monthly unique user performance will improve over May.
The company continues to expect year-over-year revenue for the second quarter will be materially worse than it was in the first quarter.
But TripAdvisor also said it expected that sequentially starting in the third quarter, revenue should improve over the second quarter.
As of May 31, TripAdvisor said it had $693 million of cash and cash equivalents, down $105 million from March 31 due to merchant refunds and other items.
The company said it believed it had sufficient liquidity to withstand an extended period of revenue disruption. And it remains confident of its ability to comply with its debt covenants in 2020 and through 2021.
"While it remains difficult to forecast the recovery path and when the travel market will regain pre-covid levels," TripAdvisor said, "the company remains confident [that] travel will rebound and that the company is well positioned to respond to any scenarios that could evolve."
In April, TripAdvisor said it was laying off 900 employees, or about 25% of its global workforce, in response to the coronavirus pandemic.