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Trip.com Group (NASDAQ:TCOM) stock was surging after the Singapore-based travel service provider reported higher Q2 earnings on the back of a strong demand for cross-border travel.
TCOM was trading 8.64% higher Tuesday pre-market at $46.00.
“The second quarter of 2024 witnessed continued growth driven by strong travel demand, especially for cross-border travel,” said Executive Chairman James Liang.
“Looking ahead, we are dedicated to leveraging the potential of AI to revolutionize the travel industry and provide exceptional value to our customers,” said Liang.
“We are pleased with our strong growth and the resilience of travel consumption in China. This promising outlook fuels our enthusiasm for innovation and new initiatives,” said CEO Jane Sun.
The company reported a Q2 net revenue of RMB12.8B, a 14% increase from last year.
Accommodation reservation revenue grew 20% to RMB5.1B, while transportation ticketing revenue rose 1% to RMB4.9B. Packaged-tour revenue was RMB1.0B, up 42% Y/Y, and corporate travel revenue increased by 8% to RMB633M.
Adjusted EBITDA came in at RMB4.4B, up from RMB3.7B a year ago. Q2 adjusted EBITDA margin stood at 35%.
Non-GAAP EPS was RMB7.25.
As of June 30, the balance of cash and cash equivalents, restricted cash, short-term investment, and held to maturity time deposit and financial products was RMB99.0B.
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