Priceline.com profit rises, shares jump 9 percent after bell
(Reuters) - Priceline.com (PCLN.O), the online travel agency known for its name-your-own-price auction, on Thursday topped third-quarter profit estimates as results in Europe were better than expected, and its shares rose 9 percent after the bell.
Priceline.com, which competes with Expedia Inc (EXPE.O) and Orbitz Worldwide (OWW.N), owes much of its success to international bookings its on its popular European travel site Booking.com.
The company said its expectation for deceleration in Europe "proved conservative," and those results in the second half of the quarter were solid. International revenue rose 31 percent to $1.2 billion, and total quarterly revenue was up 17 percent to $1.71 billion, better than the $1.65 billion expected by analysts.
Net income came to $596.6 million, or $11.66 a share, up from $469.5 million, or $9.17 a share, a year earlier.
Adjusted for items, profit was $12.40 a share, compared with $11.81 expected by analysts on average, according to Thomson Reuters I/B/E/S.
After the results were released, Priceline.com shares rose to $638.60 in extended trading from their $586.10 Nasdaq close.
(Reporting by Karen Jacobs; Editing by Marguerita Choy)
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