Trip.com Group Limited (NASDAQ:TCOM) posted better-than-expected earnings for its first quarter on Monday.
The company posted quarterly adjusted earnings of 83 cents per share, beating market estimates of 57 cents per share. The company’s quarterly sales came in at $1.65 billion versus expectations of $1.61 billion, according to data from Benzinga Pro.
“The year 2024 has begun with a significant increase in both domestic and outbound travel demand in China, facilitated by a more stabilized supply and further relaxation of visa requirements,” said James Liang, Executive Chairman. “Additionally, our global business has experienced robust growth, driven by our improved product offerings. We are committed to investing in product and technology innovations to deliver a superior travel experience to our users.”
Trip.com shares gained 0.4% to close at $57.05 on Monday.
These analysts made changes to their price targets on Trip.com after the company reported quarterly results.
- Benchmark boosted the price target on Trip.com from $55 to $72. Benchmark analyst Fawne Jiang maintained a Buy rating.
- Mizuho raised Trip.com price target from $60 to $65. Mizuho analyst James Lee maintained a Buy rating.
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