Online travel service TripAdvisor Inc. increased revenue 1.5 times in the fourth quarter of 2022 thanks to increased activity in the travel sector.
The company said in a press release that its October-December revenue rose to $354 million, up from $241 million in the same period a year earlier. Experts polled by FactSet forecasted an average of $344.2 million.
Revenue from TripAdvisor’s core business jumped 34% to $217 million, revenue from restaurant reservation platform The Fork jumped 10% to $33 billion and online marketplace Viator soared 2.2 times to $127 million.
“The improved performance is mainly due to increased consumer demand for tourism-related services, given the easing of quarantine restrictions and the ongoing recovery of the industry,” the company said.
At the same time, a stronger U.S. dollar negatively impacted TripAdvisor’s results, taking about 8 percentage points off its revenue growth rate in the fourth quarter and 10% for the full year 2022.
The company recorded a net loss of $3 million, or $0.02 per share, last quarter, compared with a loss of $29 million, or $0.21 per share, a year earlier.
Earnings excluding one-time factors were $0.16 per share, well above analysts’ consensus forecast of $0.04 per share.
For all of 2022, TripAdvisor’s revenue rose 1.7 times to $1.49 billion, with net income of $20 million versus a loss of $148 million in 2021.
The company expects its growth to continue in 2023, the press release noted.
TripAdvisor stock is adding 9.4% in premarket trading Wednesday. Over the past 12 months, their value has declined 14%.
