NEW YORK – Name-your-own-price Internet commerce company Priceline.com on Tuesday posted earnings that beat Wall Street estimates for the second quarter, delivering on its profitability promises, amid cost-cutting efforts and renewed focus on its core travel business.
Priceline, in which two firms controlled by Hong Kong tycoon Li Ka-shing decided to buy an additional 25 million shares in June, also raised its third-quarter earnings and revenue outlook. It expects pro forma earnings of 5 to 7 cents a share and revenue to beat year-ago's $341 million.
The Internet company said it earned $11.7 million on a pro forma basis before items in the second quarter, or 6 cents a basic share. Year-earlier comparisons were not immediately available.
Revenues for the second quarter rose to $364.8 million from $352.1 million a year-earlier.
Wall Street analysts, on average, expected the Norwalk, Connecticut-based company to post earnings of 1 cent a share and revenues of $301 million, according to Thomson Financial/First Call.