prnewswire.com·2024-05-20 22:00Core Insights - Trip.com Group Limited reported strong financial results for the first quarter of 2024, with net revenue increasing by 29% year over year to RMB11.9 billion (US$1.6 billion) [3] - The company experienced significant growth in both domestic and international travel bookings, with outbound hotel and air bookings increasing by over 100% year over year [2][3] - Adjusted EBITDA for the first quarter was RMB4.0 billion (US$550 million), reflecting an adjusted EBITDA margin of 33%, up from 31% in the same period of 2023 [3][14] Financial Performance - Net income for the first quarter of 2024 was RMB4.3 billion (US$599 million), compared to RMB3.4 billion for the same period in 2023 [3][14] - Accommodation reservation revenue increased by 29% year over year to RMB4.5 billion (US$623 million) [3] - Transportation ticketing revenue rose by 20% year over year to RMB5.0 billion (US$692 million) [3] - Packaged-tour revenue surged by 129% year over year to RMB883 million (US$122 million) [3] - Corporate travel revenue increased by 15% year over year to RMB511 million (US$71 million) [3] Cost Structure - Cost of revenue increased by 37% year over year to RMB2.2 billion (US$310 million), representing 19% of net revenue [3] - Product development expenses rose by 16% year over year to RMB3.1 billion (US$431 million), accounting for 26% of net revenue [3] - Sales and marketing expenses increased by 32% year over year to RMB2.3 billion (US$320 million), making up 19% of net revenue [3] Market Outlook - The company noted a significant increase in travel demand in China, supported by a more stabilized supply and relaxed visa requirements [2] - Management emphasized the commitment to investing in product and technology innovations to enhance user experience [2]