Shares of The Priceline Group Inc. (PCLN) are down 7% to $1,906 premarket Wednesday after the travel booking company reported its second quarter results after the closing bell Tuesday.

The company reported adjusted second-quarter earnings of $15.14 per share, easily topping analysts' $14.19 per share estimates. Revenue of $3.02 billion also beat the Street's $2.99 billion expectations.

However, the company said it expects to earn between $32.40 and $34.10 in the third quarter, short of Wall Street's guidance for $34.14 per share.

"The comp is particularly difficult," CFO Daniel Finnegan told investors. Nights booked grew 29.4% and 31% in the third- and fourth quarters of 2016. Revenues grew 18.9% and 17.42% in the third and fourth quarters, respectively.

"The deceleration is consistent with long-term trends and our size," CEO Glenn Fogel explained.

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