Investing.com - Priceline.com Incorporated (NASDAQ:PCLN) shares gained more than 4% in after-hours trading, after the company reported earnings and revenue that beat analysts’ expectations after the U.S. closing bell on Monday.
Priceline reported earnings-per-share (EPS) of $14.21 on revenue of $2.35 billion against Wall Street estimates of $13.01 EPS on revenue of $2.32 billion.
The travel company increased quarterly revenue by 17.4%, helped by “accelerating growth in hotel room nights booked” said Glenn Fogel, Chief Executive Officer of The Priceline Group.
Priceline recorded 31% year-on-year growth in room nights booked amid strong competition from rivals Expedia, Alphabet and Trivago while the company also reported growth in room nights booked for the full year 2016 compared to a year earlier.
The better-than-expected earnings comes after the company said its restaurant booking site 'OpenTable” would weigh on growth.
Looking forward to 2017, Mr. Fogel said, "We will continue to focus on growing our supply base to drive customer choice, innovating around the customer experience and investing efficiently in marketing to deliver profitable topline growth.
Priceline shares closed at $1,632 but surged more than 4% in after-hours trade to $1,699.95.