Shares of vacation booking company TripAdvisor Inc. (TRIP) - Get TripAdvisor, Inc. Report were falling after hours Thursday after the company reported second quarter results ahead of analyst estimates.
The Needham, Massachusetts-based company reported a second quarter net loss of 7 cents per share on revenue of $235 million, a nearly 300% year over year increase. Analysts were expecting the company to report a loss of 10 cents per share on revenue of $192 million.
“We believe increased vaccination rates and re-openings across the globe are both undeniably positive steps towards travel’s eventual full recovery and we are pleased with our business’s demonstrated resilience," CEO Steve Kaufer said in a statement.
TripAdvisor shares were falling 0.53% to $37.75 per share after hours Thursday.
The company said its U.S. monthly unique users are back to nearly 85% of June 2019 levels. Monthly unique users in Europe in the month of June exceeded 90% of 2019 levels.
Domestic travel searches accounted for nearly 80% of searches during the quarter, compared to about 50% in pre-pandemic times.
International trip searches accounted for about a quarter of total searches on the site with Europeans showing the most interest in traveling internationally, according to the company's data.
In the U.S., 40% of travelers surveyed by TripAdvisor said they planned to spend more on their next trip compared to what they spent on travel prior to the pandemic.