Tripadvisor revenue down 86%, still better than expected, says CEO
Tripadvisor reported revenue of $59 million, a $153 million net loss and a $74 million adjusted Ebitda loss in the second quarter. But in a letter to shareholders, co-founder and CEO Steve Kaufer says that is still "better than our previously disclosed expectations."
The revenue figure is 86% less than the same period last year.
"Our second-quarter results reflect the historic impact the Covid-19 pandemic is having on our business and on the travel industry. Significant year-over-year impacts persist, and near-term visibility remains low. That said, we are encouraged that consumer travel demand trends have been gradually improving since the April nadir," Kaufer said.
"Travel's recovery path will likely be uneven by geography and by sector as businesses and borders reopen and consumer confidence in their own health and safety is restored," he said. Accordingly, we are leveraging our platform's core strengths to help customers and redoubling strategic efforts to emerge in a strong position on the other side of this pandemic."
