TCOM - Trip.com surges on strong travel recovery led by staycation travel and local hotel bookings

Trip.com (NASDAQ:TCOM) rallied 16% in early premarket trade until noon as the company experienced solid growth of travel demand in the global markets, especially across Europe and the Asia Pacific amid countries easing travel restrictions. Staycation travel continued to serve as a major contributor to the recovery of the Chinese domestic market, with local hotel bookings rising by over 20% Y/Y. Air-ticket bookings on global platforms increased by over 270% Y/Y led by recovery of European and Asian Pacific markets. Hotel bookings on its global platforms also outgrew the pre-pandemic level. For Q1, the company reported net revenue of RMB4.1B ($649M)  which was flat comparing to the same period in 2021; Q/Q revenue dropped 12% led by continued disruptions resulting from the COVID-19 resurgence in China. Transportation ticketing revenue stood at $262M, a 10% Y/Y increase and a 10% increase from prior quarter. Net loss stood at RMB989M compared to net income of RMB1.8B for the year ago

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Trip.com surges on strong travel recovery led by staycation travel and local hotel bookings