Priceline 2Q Net Up 35% As Bookings Grow; View Strong |
Wall Street Journal - Aug 10, 2009 |
Priceline.com Inc.'s (PCLN) second-quarter profit surged 35%, making it the latest online travel agent to handily top estimates and project strong third-quarter results, as summer demand for leisure travel was better than expected, aided by discounts.
Shares climbed 13% to $148.36 in recent trading, after earlier hitting a nearly nine-year high. The stock has more than doubled so far this year as Priceline's strong business has helped it consistently beat Wall Street expectations despite one of the toughest operating environments for travel companies in decades.
The company - whose ads feature "priceline negotiator" pitchman William Shatner - has created a unique franchise in the U.S. that allows consumers to name their own price, a proposition that has resonated during the recession and helped it take market share from rivals such as Orbitz Worldwide Inc. (OWW) and Expedia Inc. (EXPE) and also from direct sources, such as hotels.
Read Full Article from Wall Street Journal
- Posted: 2009-08-10 11:19:42
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