Priceline Shares Slide On Weak Earnings Outlook

By Sue ChangMarketsMarketWatch Pulse

Shares of Priceline Group Inc. fell in Tuesday's extended session after the online travel company issued a weak second-quarter outlook. Priceline reported its first-quarter earnings rose to $455.6 million, or $9.11 a share, from $374.4 million, or $7.54 a share, a year earlier. On an adjusted basis, the company would have earned $9.88 a share. Revenue increased to $2.42 billion versus $2.15 billion. Analysts surveyed by FactSet had forecast earnings of $8.82 a share on revenue of $2.45 billion. The company projected adjusted earnings per share in a range of $13.30 to $14 for the second quarter, below the average estimate of $15 a share. Priceline shares dropped 3.1% after hours.

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