Trip.com Q1 earnings plummet
China’s Trip.com saw first quarter earnings sink by 42%, despite a strong January before the Covid-19 pandemic started to disrupt global travel.
The first three weeks of January saw double-digit growth in hotel bookings before the market tanked.
Trip.com is warning the second quarter will be much worse, forecasting a decline in revenue by up to 77%.
Chief financial officer Cindy Xiaofan Wang said international bookings for the second quarter will likely be close to zero due to global travel restrictions.
In China itself, the company, formerly known as Ctrip, says the market is improving and is at about 70% of normal levels for the time of year.
However it will impact revenues as the domestic recovery is only happening because of deep discounting.
"To date, reservations for short-haul travel products, such as hotels within same provinces and same cities, attraction tickets and car rental services, are approaching a full recovery," said Trip.com group CEO Jane Sun.
According to travel industry analytics firm ForwardKeys, domestic air travel bookings are about 50% of levels seen this time last year.
TravelMole Editorial Team
Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
Vegas’s Billion-Dollar Secrets – What They Don’t Want Tourists to Know
Visit Florida’s New CEO Bryan Griffin Shares His Vision for State Tourism with Graham
Chicago’s Tourism Renaissance: Graham Interviews Kristin Reynolds of Choose Chicago
Graham Talks with Cassandra McCauley of MMGY NextFactor About the Latest Industry Research
Destination International’s Andreas Weissenborn: Research, Advocacy, and Destination Impact
Graham and Don Welsh Discuss the Success of Destinations International’s Annual Conference
Graham and CEO Andre Kiwitz on Ventura Travel’s UK Move and Recruitment for the Role
Brett Laiken and Graham Discuss Florida’s Tourism Momentum and Global Appeal
Graham and Elliot Ferguson on Positioning DC as a Cultural and Inclusive Global Destination
Graham Talks to Fraser Last About His England-to-Ireland Trek for Mental Health Awareness
Kathy Nelson Tells Graham About the Honour of Hosting the World Cup and Kansas City’s Future
Graham McKenzie on Sir Richie Richardson’s Dual Passion for Golf and His Homeland, Antigua
ADS PRO 
Phocuswright reveals the world's largest travel markets in volume in 2025
Higher departure tax and visa cost, e-arrival card: Japan unleashes the fiscal weapon against tourists
Cyclone in Sri Lanka had limited effect on tourism in contrary to media reports
Singapore to forbid entry to undesirable travelers with new no-boarding directive
Euromonitor International unveils world’s top 100 city destinations for 2025