Priceline Earnings Rise on Cost Cutting
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Priceline.com Inc., a seller of discounted travel services on the Internet, said second-quarter earnings more than doubled as cost cutting made up for lower airline ticket sales.
Net income rose to $6.31 million, or 3 cents a share, from $2.82 million, or 1 cent, a year earlier, the company said. Revenue fell 16% to $304.5 million.
Excluding stock-based pay, preferred stock dividends and other costs, profit would have been $6.32 million, or 3 cents a share, Priceline.com said. On that basis, results met analyst estimates.
Shares of the Norwalk, Conn.-based company gained 1 cent to $1.85 on Nasdaq.
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