Trip.com Group has revenue reported gains across all business segments for the first quarter of 2024.
Revenue from accommodation reservations increased 29% to $623 million while transportation ticketing revenue was up 20% to $692 million.
Packaged-tour revenue increased to $122 million, a 129% leap year over year, and corporate travel revenue jumped 15% to $71 million year over year. Corporate travel revenue was down 19% on the final quarter of 2023 due to seasonality while all other business divisions reported double-digit percentage growth on Q4 of 2023 due to seasonality.
The company reported net revenue of of $1.6 billion, up 29% year over year and up 15% compared with the final quarter of 2023, attributed to seasonality. Net income for Q1 was up to $599 million for the quarter compared with $470 million year over year. Adjusted EBITDA was $550 million for the quarter compared with $387 million in Q1 of 2023.
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James Liang, executive chairman of Trip.com Group, said, “The year 2024 has begun with a significant increase in both domestic and outbound travel demand in China, facilitated by a more stabilized supply and further relaxation of visa requirements. Additionally, our global business has experienced robust growth, driven by our improved product offerings. We are committed to investing in product and technology innovations to deliver a superior travel experience to our users.”
Jane Sun, chief executive of the company, said, “We are delighted to see that our first quarter results have demonstrated the resilience of the travel market and the strong execution of our team. Recognizing the importance of creating a sustainable future, we are dedicated to generating greater value for our stakeholders by creating more job opportunities and contributing to the development of the travel industry through collaboration with our partners.”
Trip.com Group increased sales and marketing activities in the quarter resulting in a 32% jump in spend to $320 million. Sales and marketing expenses as a percentage of net revenue was 19% for Q1.