TripAdvisor, Inc. reported its financial results for the third quarter and the first nine months of 2024, revealing a mixed performance in revenue and profitability compared to the previous fiscal period. For the three months ended September 30, 2024, the company generated revenue of $532 million, a slight decrease from $533 million in the same period of 2023. However, for the nine months ended September 30, 2024, revenue increased by 2% to $1,424 million, up from $1,398 million in 2023.
Total costs and expenses for the third quarter decreased to $462 million from $469 million year-over-year, while for the nine-month period, costs rose to $1,332 million from $1,304 million. Operating income for the third quarter improved to $70 million, up from $64 million in 2023, but for the nine months, it slightly declined to $92 million from $94 million. Net income for the third quarter rose significantly to $39 million, compared to $27 million in the prior year, while for the nine months, the company reported a net income of $4 million, recovering from a loss of $22 million in 2023.
Earnings per share also saw an increase, with basic EPS for the third quarter rising to $0.28 from $0.20, and diluted EPS increasing to $0.27 from $0.19. For the nine months, both basic and diluted EPS improved to $0.03 from a loss of $0.16 in the same period last year.
Segment performance varied, with the Brand Tripadvisor segment experiencing a revenue decline of 12% to $255 million in the third quarter, and an 8% decrease to $745 million for the nine months. In contrast, the Viator segment saw a revenue increase of 10% to $270 million for the third quarter and 14% to $655 million for the nine months. TheFork segment also reported growth, with revenues rising by 17% to $49 million in the third quarter and 16% to $133 million for the nine months.
Strategically, TripAdvisor issued a $500 million Term Loan B Facility in July 2024, which was used to redeem its 2025 Senior Notes. The company also initiated a share repurchase program, repurchasing 1.37 million shares for $25 million during the nine months ended September 30, 2024, compared to $75 million for 4.72 million shares in the same period of 2023.
As of September 30, 2024, TripAdvisor held approximately $1.1 billion in cash and cash equivalents, reflecting a stable liquidity position. The company continues to navigate challenges such as inflation and changing consumer behavior while focusing on strategic investments in its core segments to enhance profitability and market share.
About TripAdvisor, Inc.
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