(Adds details, chief executive's statement)
Feb 27 Travel website operator Priceline Group
Inc reported a 17.4 percent rise in fourth-quarter
revenue, driven by higher hotel bookings.
Net income rose to $673.9 million, or $13.47 per share, in
the fourth quarter ended Dec. 31, from $504.3 million, or $10
per share, a year earlier.
The travel booking company's net income outperformed
analysts' average expectation of $642.33 million, according to
Thomson Reuters I/B/E/S. The consensus expectation was for
earnings of $13.01 per share for the quarter.
"(Priceline) recorded accelerating growth in room nights
booked for the full year 2016 over 2015, which reflects the
benefits of our scaled accommodations platform and strong
execution by our global teams," Chief Executive Glenn Fogel said
in a statement.
Revenue rose to $2.35 billion from $2 billion, slightly
edging out analysts' expectation of $2.322 billion.
"We will continue to focus on growing our supply base to
drive customer choice, innovating around the customer experience
and investing efficiently in marketing to deliver profitable
topline growth," Fogel said.
(Reporting by Arunima Banerjee in Bengaluru and Alana Wise in
New York; Editing by Shounak Dasgupta and Alan Crosby)