Trip.com Group Ltd (NASDAQ: TCOM) stock rose over 2.7% in May 19th, 2021 pre-market session (Source: Google finance). Adjusted EBITDA for the first quarter of 2021 has improved to RMB-216 million (US$-33 million), compared to RMB-875 million in the same period in 2020 and RMB799 million in the previous quarter. Adjusted EBITDA margin has improved to -5% for the first quarter of 2021, compared to -18% in the same period in 2020 and 16% in the previous quarter.
For the first quarter of 2021, TCOM has reported net revenue of RMB4.1 billion (US$628 million), representing a 13% decline from the same period in 2020, mainly due to a strong recovery in March 2021, which was partially offset by the decrease in cross-border travel. Net revenue for the first quarter of 2021 had declined by 17% from the previous quarter. At the end of March, 2021, the balance of cash and cash equivalents, restricted cash, short-term investment, held to maturity time deposit and financial products was RMB66.1 billion (US$10.1 billion).
Moreover, Accommodation reservation revenue for the first quarter of 2021 was RMB1.6 billion (US$241 million), which represents a 37% increase from the same period in 2020, mainly due to the strong demand for inter-provincial stays.
Accommodation reservation revenue for the first quarter of 2021 declined by 30% from the previous quarter, mainly due to the travel restrictions introduced in January and February of 2021. Transportation ticketing revenue for the first quarter of 2021 was RMB1.5 billion (US$230 million), which is a 37% decline from the same period in 2020, and an 11% decline from the previous quarter, mainly due to the travel restrictions introduced in January and February of 2021. Packaged-tour revenue for the first quarter of 2021 was RMB169 million (US$26 million), which represents a 68% decline from the same period in 2020, and a 35% decline from the previous quarter. Corporate travel revenue for the first quarter of 2021 was RMB252 million (US$39 million), which represents a 101% growth from the same period in 2020. Corporate travel revenue for the first quarter of 2021 has declined by 18% from the previous quarter.