Priceline.com Incorporated has reported first-quarter net profit of $18.2 million, or 37 cents per share, compared with a loss of $16.3 million, or 44 cents per share, a year earlier.

Published: 09 May 2008

Priceline.com Incorporated has reported first-quarter net profit of $18.2 million, or 37 cents per share, compared with a loss of $16.3 million, or 44 cents per share, a year earlier.

Jeffery H. Boyd, priceline.com's President and Chief Executive Officer said its international business, comprising Booking.com and Agoda.com, achieved $1 billion in gross travel bookings for the quarter, an increase of 100% over the prior year (75.0% excluding the impact of foreign currency exchange rates).

priceline.com had GAAP revenues in the first quarter of $403.2 million, a 33.8% increase over a year ago. Its international operations contributed revenues worth $104.2 million, a 117.5% increase versus a year ago. The online travel company's GAAP gross profit for the quarter was $181.1 million, a 51.3% increase from the prior year.

Boyd said domestically, priceline.com had its highest growth quarter in over three years, with gross travel bookings growth of 51%.

"Our US business was propelled principally by 83% growth in airline ticket unit sales, due primarily to accelerating year-over-year growth in retail ticket sales, and year-over-year growth in domestic merchant gross bookings, which accelerated to 26% in the first quarter, compared to 11% in the fourth quarter of 2007. With economic pressures mounting as we entered 2008, we believe that our money-saving Name Your Own Price services and our value brand positioning made priceline.com attractive to budget-conscious travelers," he said.

priceline.com shares surged $15.61, or 12.6 percent, to $139.39 in aftermarket trading. They earlier rose $1.75 to $123.78 in the regular session.