Booking.com parent Priceline the value of bookings transacted through its site jump by a quarter in the first quarter of 2017, according to a trading update.
Bookings for the three month period were valued at $20.7 billion, an increase of 24% over a year ago. Gross profit for the quarter was $2.3 billion, a 16% increase.
International operations contributed gross profit of $2.0 billion, up 17% while net income was $456 million, a 22% increase. Non-GAAP net income was $494 million, a 7% increase.
Profitability as measured by EBITDA was $635 million, up 4%.
Glenn Fogel, chief executive of the global OTA giant, said: “The Priceline Group is off to a strong start in 2017 with solid growth in room nights and rental car days booked,”
“Globally, our brands booked over 173 million room nights during the quarter, up 27% over the same period last year.
“Booking.com continues to extend its accommodations network, with over 1.2 million properties on its platform, including hotels, homes and apartments, up 36% over last year.
“Our rental car business grew rental car days by 15% over the 1st quarter of last year, an
acceleration from 14% in the 4th quarter.”
Fogel added: “Our brands executed well in the quarter, delivering strong performance while
making smart and sustainable investments to support future growth and to ensure we provide the best possible experience for our customers.”