Priceline profit beats estimates as hotel stays soar

Reuters News
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Posted: May 04, 2016 7:19 AM

(Reuters) - Priceline Group Inc <PCLN.O> on Wednesday reported a first-quarter profit above analysts' estimates as its customers booked more nights in hotels than a year earlier.

Priceline Group, the world's most profitable online travel services company, said it earned $374 million.

Excluding special items such as stock-based employee compensation, earnings increased 24 percent from a year earlier to $532 million, or $10.54 per share. Analysts estimated on average had expected $9.65 per share, according to Thomson Reuters I/B/E/S.

(Reporting by Jeffrey Dastin in New York; Editing by Lisa Von Ahn)