TripAdvisor Inc. (TRIP) shares plummeted 8.83% in after-hours on Monday, November 08, 2021, and closed the daily trading at $31.79. Even in regular trading, TRIP’s stock lost 0.49%. TRIP shares have risen 74.52% over the last 12 months, and they have moved up 6.31% in the past week. Over the past three months, the stock has lost 2.73%, while over the past six months, it has declined 23.28%.
Let’s have a look at its recent news and developments.
TRIP latest development
On November 8, 2021, Tripadvisor, Inc. (TRIP) released financial results for its third quarter of 2021, which ended on September 30, 2021.
Q3 2021 financial highlights
- TRIP reported total revenue of $303 million in Q3 2021 compared to $151 million in Q3 2020.
- Total cost and expenses were $287 million in Q3 2021 compared to $197 million in Q3 2020.
- It earned a GAAP net income of $1 million in Q3 2021 compared to a GAAP net loss of $23 million in Q3 2020.
- Adjusted EBITDA was $72 million in Q3 2021 compared to $15 million in Q3 2020.
TRIP co-founder retirement plan
On November 8, 2021, Tripadvisor, Inc. (TRIP) announced that the company’s co-founder and long-time CEO, Stephen Kaufer, will step down from his position at Tripadvisor in 2022.
Tripadvisor was founded by Kaufer in 2000 and under his leadership, the company has grown into the largest travel site in the world, with employees in over 20 countries and operating localized travel sites in over 40 markets.
TRIP Collaboration with Atout
On November 4, 2021, Tripadvisor Inc. (TRIP) signed a letter of intent to engage in a promotional collaboration with Atout France. The deal was announced after Tripadvisor CEO and co-founder, Stephen Kaufer, meeting in Paris on November 4th with Atout CEO, Caroline Leboucher, during the Destination France Summit hosted by French President Emmanuel Macron.
The deal value is about €2 million which is mostly related to exposure and media investment on the Tripadvisor platform and Atout will utilize Tripadvisor’s first-party data to target travellers to visit France.
Return of travellers to iconic cities
On Nov. 3, 2021, Tripadvisor’s new Winter Travel Index reported where the Americans are heading for the next season. TRIP reports suggest that over half (55%) of Americans are planning to travel this winter.
According to the survey, New York City is back on top in the U.S. for the first time since the start of the pandemic, as the #1 most popular destination and home to the #1 most-booked experience this winter.
Conclusion
The Q3 2021 financial results lag revenue and earnings estimates due to which it faced significant loss on Monday. We hope that it will return towards positivity in the next trading session.
