U.S. online travel service provider Priceline (PCLN) today announced the second quarter of fiscal year 2012 earnings reports. The report shows that Priceline’s second-quarter revenue of $1.33 billion, up 20.3% from $ 1.1 billion in the same period last year; net profit of $352 million, up 38% from $ 256 million in the same period last year. Priceline’s second-quarter earnings exceeded Wall Street expectations, but revenue as well as the guidance for the third quarter results is below analyst expectations, dragging PCLN stock price down approximately 13% in the after-hours trading session.
Priceline booked second quarter revenue of $1.33 billion versus $1.1 billion in the same period last year, up 20.3%, falling short of the analyst expectations. According to the survey by FactSet Research, analysts had on average expected Priceline’s second quarter revenue of $1.35 billion.
The report shows that Priceline posted a net profit of $ 352 million, or $6.88 per share for the second quarter versus a net profit of $ 256 million, or $5.02 per share for the second quarter of fiscal 2011. Excluding the specific one-time items, Priceline realized the second-quarter net profit of $405 million, or $7.85 per share, beating the consensus estimates. According to the survey by financial information provider FactSet Research, analysts had on average expected Priceline would post second-quarter earnings of $ 7.365 per share.
Priceline said that concerns associated with the European sovereign debt problem and the euro zone viability have had a negative impact on historic operating results, and will likely impact the future performance.”
Priceline forecasted the fiscal year 2012 second quarter earnings of $11.10 to $12.10 per share; the median of this interval is less than analysts had expected. According to the survey by FactSet Research, analysts have on average been expecting Priceline will post second-quarter earnings of $ 12.82 per share.
In the regular trading on the Nasdaq on Tuesday, PCLN stock price gained $14.68, or 2.21% to close at $679.80, on a volume of 2.84 million shares, much higher than the daily average of 933,608 shares. In the after-hours trading, PCLN stock price fell $87.63 to $592.17, down 12.89%. Over the past 52 weeks, highest PCLN stock price was $774.96 and the lowest was $411.26. Priceline currently has a market cap of $33.85 billion.