Kayak saw its second quarter profits nearly double on the same period last year in its first earnings report since going public last month.
Kayak profitable in first quarter as public company
Kayak saw its second quarter profits nearly double on the same period last year in its first earnings report since going public last month.
The travel metasearch company saw net income increase 93% to $7.3 million, from $3.8 million in the second quarter of 2011.
Total revenue increased 36% to $76.9 million, from $56.6 million last year.
The company has benefitted from a surge in mobile data traffic as consumers use smart phone apps to book flights and hotels.
Kayak processed 57 million queries through its mobile applications during the quarter, a 95% year on year increase.
“We’re off to a strong start as a public company, with record revenues and adjusted EBITDA,” said Steve Hafner, Kayak chief executive officer and co-founder. “Our focus remains on ensuring that Kayak is the best place to plan and book travel globally.”
Kayak raised $91 million through an Initial Public Offering of its shares after being valued above expectations.
The IPO, completed in July having been originally filed in November 2010, saw the firm’s shares valued at $26 above the expected range of $22 to $25.
