Shares of online vacation ratings, sharing and more recently booking provider TripAdvisor (TRIP) - Get Report dropped more than 7% in early trading on Wednesday after the company reported a drop in first-quarter revenue.
The company said it earned $51 million, or 18 cents a share, vs. $42 million, or 4 cents a share, in the year-earlier period. On a non-GAAP basis, the company said it earned 36 cents a share vs. 30 cents a share in the year-earlier period. Analysts surveyed by FactSet had been expecting earnings of 31 cents a share.
Revenue, however, held relatively flat at $376 million compared with $378 million the comparable year-earlier quarter, TripAdvisor said, mostly due to a 33% decline in "other" revenue, primarily from the company's efforts to shift or eliminate some of its unprofitable revenue streams. It was also below analysts' forecasts of $387 million.
Shares of TripAdvisor were down 7.61%, or $4.18, to $50.76 a share in early trading on the New York Stock Exchange. The company's shares hit a 52-week high of $69 back in November 2018.