Revenue at Ctrip rose 46% from a year ago to $373 million, at the higher-end of the company's guidance of $356-382 million and above the $363 million consensus estimate polled by Factset.
Revenue growth came from higher volume sales, which means Ctrip is still a brand favored by Chinese consumers.
Hotel reservation revenue increased by 45% to $154 million, mostly driven by the number of hotel room nights, which has jumped by 60% from a year ago.
Transportation ticketing revenue also increased by 46% to $153 million, driven by 104% jump in volume.
Packaged-tour revenue rose 53% to $64 million, "primarily driven by an increase in volume growth of organized tours and self-guided tours," according to Ctrip's press release.
Gross margin was stable at 70%, versus 69% in the December quarter and 72% a year ago.
Ctrip continues to spend heavily. Product development expenses jumped by 83% to $130 million (largely because of the compensation it had to pay to talented employees) and sales and marketing rose 68% to $117 million, both outpacing the revenue growth.
But net loss has narrowed. Ctrip reported diluted earnings per share of $0.15 net loss, much better than the $0.25 net loss expected by the street and the $0.26 net loss incurred in the December quarter.
Ctrip does not see any slowdown in the June quarter, saying that revenue will grow about 45-50%.
Ctrip will host a conference call at 8PM New York time. Shares of Ctrip jumped 11.7% in after-hours trading.
Source: Barrons by Shuli Ren
from China Travel & Tourism News http://ift.tt/1iB6EFm
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