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Ctrip Forecasts Sales Surge as Travel Giant Tightens China Grip
- Priceline-backed company projects 40-45% growth this quarter
- Shares climb in extended U.S. trading after results release
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Ctrip.com International Ltd. forecast revenue growth of as much as 45 percent this quarter, as the Priceline-backed online travel service benefits from its market dominance during the busiest season for Chinese tourism.
China’s largest online travel operator is predicting revenue growth of 40 to 45 percent in the March quarter, which encompasses the peak Lunar New Year travel period, after reporting results that outpaced analysts’ projections. Non-GAAP earnings almost tripled to 797 million yuan ($116 million) in the quarter. Revenue grew 76 percent to 5.1 billion yuan, beating the 4.98 billion yuan average of estimates compiled by Bloomberg.