Topped expectations for Q3 earnings by $0.13 on revenues of $1.36 bln, just above the $1.34 bln consensus target, and guided for net year/year revenue growth of approx. +15-20%, retrospectively adjusting the net revenue of the prior year period based on new revenue recognition standards, and vs consensus expectations for +7% growth; downgraded to Neutral from Outperform at Credit Suisse and to Neutral from Buy at Citigroup, which steps aside given continuing pressure to margins short-term. Shares reach three-year lows.
SHANGHAI (AP) _ Ctrip.com International Ltd. (CTRP) on Wednesday reported a third-quarter loss of $165 million, after reporting a profit in the same period a year earlier.
On a per-share basis, the Shanghai-based company said it had a loss of 30 cents. Earnings, adjusted for non-recurring costs and stock option expense, came to 42 cents per share.
The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 33 cents per share.
The travel services company posted revenue of $1.37 billion in the period. Its adjusted revenue was $1.36 billion, which also topped Street forecasts. Three analysts surveyed by Zacks expected $1.35 billion.
Ctrip.Com shares have dropped 22 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $34.44, a drop of 25 percent in the last 12 months.