Tripadvisor has reported earnings almost on a par with 2019 levels for the three months ended June 30, 2022.
The company says the strongest recovery was from its Viator tours and activities segment and the Fork restaurant unit.
Total revenue was $417 million, an increase of 77% year-on-year, almost level with the same period in 2019.
Newly appointed CEO Matt Goldberg says all segments "continued to see robust improvement due to the strong demand in leisure travel."
“I join the company at an exciting time in travel, and look forward to delivering on our plan for the remainder of the year, while charting our course for the future. I am enthusiastic about building from such a strong foundation as we look to provide additional value to travelers and our partners.”
Net income for the quarter was $31 million, up from a net loss of $40 million in Q2 2021.
Adjusted EBITDA came in at $109 million versus adjusted EBITDA of $25 million for the same quarter in 2021.
Sales and marketing expenses were $217 million for the quarter, a 76% increase, which Tripadvisor puts down to an increase in search engine marketing and other online traffic acquisition investment mostly for its
Tripadvisor Core and Viator segments.
In the first quarter the company filed a confidential S-1 with the U.S. Securities and Exchange Commission related to a possible initial public offering of Viator.
Tripadvisor says it expects revenue to continue to improve in the third quarter of 2022 versus 2019 levels and despite macro trends.
The company is also dividing its consolidated results into Tripadvisor Core, Viator and the Fork from now.
In his first earnings call with analysts, Goldberg says: "The Tripadvisor I joined today is fortunate to have a strong and stable foundation and an enduring set of assets, our trusted brand, a large global audience, a scalable content model, a rich set of data and passionate teams committed to our future. It sits squarely in the category of experiences over material consumption, a secular trend that we can expect to continue.
"My mission simply stated is to make sure we continue to evolve the company, so that we can serve travelers, diners and experience seekers for decades to come. While I recognize that we operate in a competitive space with external pressures, there are a number of advantages that attracted me to the opportunity."