Trip.com Group Ltd (NASDAQ:TCOM) stock rose 5.09% (As on June 8, 11:11:04 AM UTC-4, Source: Google Finance) after the company posted better than expected results for the first quarter of FY 23. Net income for the first quarter was RMB3.4 billion (US$491 million), which improved from a net loss of RMB1.0 billion for the same period in 2022 and net income of RMB2.1 billion for the previous quarter. Adjusted EBITDA for the first quarter was RMB2.8 billion (US$410 million). Adjusted EBITDA margin was 31%, compared to 2% for the same period in 2022 and 6% for the previous quarter.

Moreover, Domestic hotel bookings grew by more than 100% year over year. Same city staycation hotel bookings grew by 150% compared to those for the same period in 2019, the pre-COVID level. Outbound hotel and air reservations recovered to over 40% of those for the same period in 2019, the pre-COVID level, despite a 15% recovery in the overall outbound aviation market. Air-ticket bookings on the Company’s global OTA platforms grew by over 200% year over year, and grew by over 100% compared to those for the same period in 2019, the pre-COVID level.

TCOM in the first quarter of FY 23 has reported the adjusted earnings per share of 45 cents, beating the analysts’ estimates for the adjusted earnings per share of 27 cents, according to the Zacks Consensus Estimate. The company had reported 124 percent rise in the adjusted revenue to $1.34 billion in the first quarter of FY 23, missing the analysts’ estimates for revenue by 13.91%. Accommodation reservation revenue for the first quarter of 2023 was RMB3.5 billion (US$507 million), representing a 140% increase from the same period in 2022 and a 106% increase from the previous quarter, primarily due to the substantial recovery of travel market.

Transportation ticketing revenue for the first quarter of 2023 was RMB4.2 billion (US$605 million), representing a 150% increase from the same period in 2022 and an 89% increase from the previous quarter. Packaged-tour revenue for the first quarter of 2023 was RMB386 million (US$56 million), representing a 211% increase from the same period in 2022 and a 135% increase from the previous quarter. Corporate travel revenue for the first quarter of 2023 was RMB445 million (US$65 million), representing a 100% increase from the same period in 2022 and a 61% increase from the previous quarter.