Trip.com Group Ltd (NASDAQ:TCOM) stock surges 15.06% (As on June 28, 12:08:03 AM UTC-4, Source: Google Finance) after the company beaten the topline estimates for the first quarter of 2022. Loss from operations for the first quarter of 2022 was RMB359 million (US$55 million), compared to loss from operations of RMB787 million for the same period in 2021 and loss from operations of RMB704 million for the previous quarter. Adjusted EBITDA for the first quarter of 2022 was RMB91 million (US$16 million), compared to RMB-216 million for the same period in 2021 and RMB54 million for the previous quarter. Adjusted EBITDA margin was 2% for the first quarter of 2022, compared to -5% for the same period in 2021 and 1% for the previous quarter. Net loss attributable to Trip.com Group’s shareholders for the first quarter of 2022 was RMB989 million (US$155 million), compared to net income attributable to Trip.com Group’s shareholders of RMB1.8 billion for the same period in 2021 and net loss attributable to Trip.com Group’s shareholders of RMB834 million for the previous quarter. As of March 31, 2022, the balance of cash and cash equivalents, restricted cash, short-term investment, held to maturity time deposit and financial products was RMB63.3 billion (US$10.0 billion).

Accommodation reservation revenue for the first quarter of 2022 was RMB1.5 billion (US$229 million), representing an 8% decrease from the same period in 2021, and a 24% decrease from the previous quarter. Transportation ticketing revenue for the first quarter of 2022 was RMB1.7 billion (US$262 million), representing a 10% increase from the same period in 2021 and a 10% increase from the previous quarter, primarily driven by strong recovery of air travel in the oversea market. Packaged-tour revenue for the first quarter of 2022 was RMB124 million (US$20 million), representing a 27% decrease from the same period in 2021 and a 30% decrease from the previous quarter. Corporate travel revenue for the first quarter of 2022 was RMB222 million (US$35 million), representing a 12% decrease from the same period in 2021 and a 40% decrease from the previous quarter.

The company had reported the adjusted revenue growth of $649 million in the first quarter of FY 22, beating the analysts’ estimates for revenue of $590.9 million. Net revenue for the first quarter of 2022 decreased by 12% from the previous quarter, primarily due to the continued disruptions resulting from the COVID-19 resurgence in China.