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What Recession? Priceline Posts Blowout Q2 Profits

Published on August 10, 2009
by Eric Savitz

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.”

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