What Recession? Priceline Posts Blowout Q2 Profits
Well, apparently Americans are still going on vacation.
Priceline (PCLN) this morning posted Q2 revenue of $603.7 million, well ahead of the Street consensus of $575.1 million, with pro forma profits of $2.02 a share, crushing the Street at $1.75. Gross travel bookings in the quarter were $2.38 billion, up 12.8 percent from a year ago. Pro forma EBITDA was $126.2 million, up 24.6 percent year over year.
In a statement, the company said that despite the recession, “leisure travel demand for the summer peak season has been stronger than expected, driven in part by the availability of compelling discounts.”
