- Though it missed Q1 estimates, TripAdvisor (TRIP +1.9%) used its CC (transcript) to guide for "high 20s to low 30s" 2014 revenue growth, up from a prior forecast of mid-20s growth and above a 25.8% consensus. EBITDA is expected to grow at a similar clip.
- Thanks to "strong auction dynamics, " click-based (search ad) revenue is now expected to grow at a high-20s in 2014 (up from low-20s). Subscription/transaction/other is expected to grow at a high-60s rate (up from low-50s), and display ads are still expected to see mid-to-high teens growth.
- Click-based revenue only rose 16% Y/Y in Q1, but was up over 30% in April. Display ad sales rose 28% in Q1 on the back of 30% impression growth (fueled by a 27% increase in monthly unique visitors to 250M), and subscription/transaction/other revenue rose 62% on strong demand for business and vacation rental listings.
- 47% of March traffic came from mobile devices, and cumulative app downloads have topped 100M.
- Cantor, Stifel, and RBC have hiked their PTs. Cantor's Naved Khan thinks an upcoming TV ad campaign and new initiatives such as TripConnect could yield additional upside to growth.
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