- In addition to beating Q3 estimates, Ctrip (CTRP) is guiding for 45%-50% Y/Y RMB-based revenue growth, above a 40.2% consensus. Shares have jumped to $108.50 after hours. Peer Qunar (QUNR), which Ctrip now has a large stake in, has risen to $39.25 ahead of its Nov. 24 Q3 report.
- Q3 EPS benefited from $377M in "other income" stemming largely from the de-consolidation of Chinese Airbnb clone Tujia.com from Ctrip's results, thanks to the loss of control of Tujia following a new funding round.
-
Financials: EPS also benefited from moderating spending growth: R&D, sales/marketing, and G&A spend respectively rose 36%, 40%, and 8% Y/Y to $131M, $132M, and $41M, after growing 66%, 42%, and 34% in Q2. The Qunar deal has been expected to yield further spending moderation. Gross margin rose to 735 from Q2's 71% and Q3 2014's 72%.
-
Top-line performance: Accommodation revenue rose 45% Y/Y to $215M, transportation ticketing 51% to $190M, packaged tours 66% to $93M, and corporate travel 19% to $20M. Hotel reservation volume rose 50%, and ticketing volume 150%.
-
Ctrip's Q3 results, PR