Priceline's Profit Rises 82%, Boosted by Strong Bookings
Priceline.com Inc. posted an 82% jump in first-quarter profit on solid growth in revenue and bookings, and it projected second-quarter results above analysts' views. The online travel industry has been hurt by the economic downturn as consumers cut back on travel to save money. But Priceline has been grabbing business from rivals because of its slightly different functions. In addition to the usual array of flights, hotels and car rentals its rivals offer, Priceline's name-your-own-price method of booking allows consumers to bid for tickets at a significant discount. Plus, suppliers can decide how low a price they are willing to take to fill their inventory.