NEW YORK (TheStreet) -- Shares of TripAdvisor Inc. (TRIP) are up 2.80% to $83.65 in pre-market trade after Liberty Interactive Corp. (LINTA) yesterday filed with regulators to spin off its stake in the travel website and ownership of online retailer BuySeasons into a separate company valued at nearly $3 billion.
Liberty TripAdvisor Holdings Inc, the new entity, will hold Liberty Interactive's 22% stake in TripAdvisor and 100% ownership of BuySeasons.
TripAdvisor announced financial results for the 2014 first quarter. Total revenue of $281 million was up 32%, quarter-over-quarter, and up 22% year-over-year.
Net income of $68 million, or 47 cents per diluted share, was up 240% quarter-over-quarter, and up 10% year-over-year.
Non-GAAP net income of $80 million, or 54 cents per diluted share, was up 167% quarter-over-quarter, and up 10% year-over-year.
Adjusted EBITDA of $122 million, or 43% of revenue, was up 135% quarter-over-quarter, and up 12% year-over-year.
TheStreet Ratings team rates TRIPADVISOR INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate TRIPADVISOR INC (TRIP) a HOLD. The primary factors that have impacted our rating are mixed some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, solid stock price performance and largely solid financial position with reasonable debt levels by most measures. However, as a counter to these strengths, we find that the growth in the company's net income has been quite unimpressive."