Priceline Q1 Profits Take Off, Fueled by Strong International Growth

Based on strong first-quarter results, Priceline’s stock jumped immediately in after-hours trading today, rising nearly $7 to $540 a share. The travel booking company said revenues increased 38.5 percent to $809.3 million compared to the year-ago period, and that net income nearly doubled to $104.8 million, compared to $53.9 million in first quarter 2010. International results saw tremendous growth, with revenues up 80 percent year over year and gross profits up 58.5 percent. The Norwalk, Conn.-based company’s gross travel bookings, which include all taxes and fees from its travel services, totaled $4.7 billion, an increase of 57.3 percent over a year ago.


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Just as the atom bomb was the weapon that was supposed to render war obsolete, the Internet seems like capitalism’s ultimate feat of self-destructive genius, an economic doomsday device rendering it impossible for anyone to ever make a profit off anything again. It’s especially hopeless for those whose work is easily digitized and accessed free of charge.

— Author Tim Kreider on not getting paid for one’s work