TripAdvisor stumbles on stock market
TripAdvisor, accustomed to rating others, found itself in a sinking status on its first day of public trading as “US investors remained skittish about new tech listings,” said abs-cbn NEWS com.
Shares of the highly popular travel ratings website sank about five percent on their first day trading publicly, said the site.
“The stock got off to a rocky start,’’ said Carroll Rheem, an analyst at the travel industry research firm PhoCusWright Inc.
Spun off by parent Expedia, TripAdvisor shares dropped from their last over-the-counter price of $30.25 to as low as $28 before rebounding.
“Operating websites in 29 countries, TripAdvisor makes money off of the travel advertising it packages with listings and mostly user-generated reviews of hotels, flights, vacation packages and other services,” the NEWS site says.
The company says its sites pull in 44 million unique views a month, enhanced by links to users' accounts on social media websites like Facebook.
"We're doing all this with a great margin… we are extremely profitable," said president and chief executive Stephen Kaufer.
Kaufer said the listing will help the company build its business around the world, with a particular focus on China, where it launched its own travel website and also bought a competing one.
"There's a billion people. They're starting to travel domestically and internationally, and we intend to help those folks,” he said.
Operating websites in 29 countries, TripAdvisor makes money off of the travel advertising it packages with listings and mostly user-generated reviews of hotels, flights, vacation packages and other services.
The company pulled in $486 million in revenues in 2010, 37 percent higher than the previous year, for net earnings of $139 million, according to various media sites.
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