TOUR - Tuniu Corporation continues to tumble on weak travel trends in China

Tuniu Corporation (NASDAQ:TOUR) stock continues to fall as travel remains largely forbidden in China. For its first quarter report, the company reported a nearly 50% drop in revenue from the prior year to $6.5M and a much wider loss of $0.30 per share as compared to just a two cent loss in 2021. Management blamed COVID lockdowns and travel restrictions for the severe slowdown as even domestic travel became severely discouraged by authorities. This impact is not expected to diminish either, with sequential declines in both EPADS and revenue expected from already depressed levels in the ongoing quarter. For the second quarter of 2022, the Company expects to generate RMB 32.2 ($4.78M) to RMB 40.2M ($6M) in net revenues, which represents a 75% to 80% decrease year-over-year. The company attempted to encourage some added confidence by promoting its strong balance sheet and ability to survive the present difficulties. “The COVID-19

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Tuniu Corporation continues to tumble on weak travel trends in China