Kayak profit nearly doubles as it gains users
Thursday, August 23, 2012
NORWALK, Conn. (AP) — Online travel website operator Kayak Software Corp. said on Wednesday that its second-quarter net income almost doubled as more people used its website to book trips.
The company earned almost $7.3 million, or 19 cents per share, for the quarter that ended June 30. That was up from $3.8 million, or 10 cents per share, during the same period last year.
Revenue rose 35.6 percent to $76.9 million, from $56.8 million a year ago.
Analysts surveyed by FactSet had been expecting a profit of 18 cents per share on revenue of $75.3 million.
Kayak customers weren't spending much more than a year ago, but there were more of them. The number of queries it processed rose by one-third to 304 million. Revenue for each 1,000 queries rose 2 percent to $253.
However, mobile customers spent more. It processed 57 million queries that came from mobile phones, almost double the number from a year earlier. Revenue per thousand mobile queries rose 42 percent to $46.
Kayak shares had risen $3.07, or 11 percent, to close at $30.80 before the results were released. However, they fell 55 cents to $30.25 in after-hours trading.