Deals
China's Ctrip Blames Scandal, Business Curbs for Sales Shortfall
- A childcare center brouhaha and new bundling restrictions hurt
- Ctrip remains intent on evolving into an international player
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Ctrip.com International Ltd. forecast revenue well below expectations, blaming the shortfall on new rules that constrained its business as well as a childcare scandal that drove customers away.
Shares in the world’s No. 2 online travel service fell after the Chinese company said sales would rise 9 to 11 percent this quarter, lagging the 16 percent analysts projected. Ctrip, which is backed by global leader Booking Holdings Inc., also reported fourth-quarter revenue below estimates.