NEWTON, Mass. – Shares of TripAdvisor tumbled in extended trading Tuesday after the travel website operator posted weak quarterly results.
The company on Tuesday reported third-quarter net income of $54 million, or 37 cents per share. Earnings, adjusted for stock option expense and pretax expenses, were 48 cents per share.
The results did not meet Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 60 cents per share.
The travel website operator posted revenue of $354 million in the period, surpassing Street forecasts. Analysts expected $347.7 million, according to Zacks.
A year ago, the Newton, Massachusetts-based company earned $56 million, or 38 cents per share, on revenue of $255 million.
In after-hours trading, its shares slid 12 per cent to $74.14. As of the regular-session close, TripAdvisor Inc. shares have increased 1 per cent since the beginning of the year, while the Standard & Poor’s 500 index has climbed almost 9 per cent.