Priceline Q3 Profit Rises but Shares Fall on Weak Outlook

Shares of Priceline took a hit on Tuesday after the company reported third quarter results which topped forecasts, but signaled a somewhat gloomy outlook for the remainder of the year.
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Shares of Priceline are taking a hit on Tuesday after the company reported third quarter results which topped forecasts but delivered a somewhat gloomy outlook for the remainder of the year. Priceline posted $2.8 billion in revenue on the top line, a little more than expected. Priceline earning came in at $22.16 a share, also better than expected. CEO Dan Huston says international bookings were up 32% compared to a year ago, though he doesn't expect the trend to last in the fall or winter. He feels European travelers have been cutting back. One way to adjust is to offer more services to the rest of the world. For example, Priceline is giving travelers more selections on hotels. 95 million hotel room nights were booked in the summer travel season, up 27% from a year ago.