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.