Priceline.com, the online travel agency, posted a higher quarterly profit on Tuesday, but its shares fell more than 14 percent in extended trading as its outlook for the current quarter was shy of analysts' expectations.

The company, known for its name-your-own-price auction, said it expects profit excluding the impact of items of $11.10 to $12.10 a share for the current quarter. That compares with $12.76 expected by analysts, according to Thomson Reuters I/B/E/S.

Priceline.com also said third quarter gross travel bookings should increase about 10 percent to 18 percent, slowing from the second quarter's increase of nearly 27 percent.

Second quarter net income was $352.3 million, or $6.88 a share, compared with $256.4 million, or $5.02 a share, a year earlier.

The company's shares fell to about $566 in trade after the bell from their Nasdaq close of $679.80 on Tuesday.