TCOM - Trip.com absorbs 64% revenue drop in Q2 forecasts 50% fall for Q3

Trip.com (TCOM) has pared some solid after-hours gains and returned to flat following Q2 earnings where it absorbed a heavy revenue decline, and forecast another near-50% drop for the current quarter. Net revenue fell 64% to 3.2B yuan (about $448M), reflecting both a "steep decline" at the international businesses as well as a strong recovery of China domestic business. "We are glad to see that reservations for China domestic flights and hotels have reached a level of full recovery in succession during August, and we strive to make further progress as the travel industry continues to pick up more momentum," says CEO Jane Sun. Reservations for China domestic hotels achieved positive growth, led by high-end domestic hotels, and domestic flight reservations saw momentum. Operating loss was 688M yuan (about $97M). Revenue breakout: Accommodation reservations, 1.3B yuan (down 63%); Transportation ticketing, 1.2B yuan (down 66%); Packaged tours, 130M (down 88%); Corporate

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Trip.com absorbs 64% revenue drop in Q2, forecasts 50% fall for Q3