NEW YORK (TheStreet) -- Shares of Priceline Group (PCLN) were advancing 5.89% to $1,440.12 in after-hours trading on the company's better-than-expected 2016 second quarter earnings, reported after Thursday's closing bell.
The Norwalk, CT-based travel website reported adjusted earnings of $13.93 per share, up 12% year-over-year and beating analysts' estimates of $12.69 per share.
Revenue for the period was $2.56 billion, just missing Wall Street consensus of $2.58 billion.
For the 2016 third quarter, Priceline provided earnings guidance of $28.30 to $29.80 per diluted share. Analysts are modeling earnings of $28.99 per share for the period.
Priceline logged a 19% year-over-year increase in gross travel bookings at $17.9 billion for the second quarter.
"Globally, our accommodation business booked 141 million room nights in the second quarter, up 24% over the same period last year," Interim CEO Jeffery Boyd said in a company statement.
"We believe this consistent growth demonstrates the strength of our brands, the value of a diversified global footprint and solid execution by our brand management teams," he added.
Boyd resumed his position as Chairman and CEO of Priceline this April after Darren Huston stepped down from the role amid allegations of an in-office relationship.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
TheStreet Ratings rated this stock as a "buy" with a ratings score of B.
The company's strengths can be seen in multiple areas, such as its solid stock price performance, growth in earnings per share, revenue growth, notable return on equity and expanding profit margins. Although no company is perfect, currently we do not see any significant weaknesses which are likely to detract from the generally positive outlook.
You can view the full analysis from the report here: PCLN