Trip.com Group said its net revenue rose 99% year over year to RMB 13.7 billion (USD 1.9 billion) for the third quarter. Net income was RMB 4.6 billion (USD 637 million), up from RMB 245 million for the same period in 2022.
Domestic hotel bookings grew by over 90% year over year and increased by over 70% compared to the pre-COVID level for the same period in 2019.
Outbound hotel and air reservations recovered to around 80% of the pre-COVID level for the same period in 2019, compared to the industry-wide recovery rate of over 50% in terms of international air passenger volume for the same period.
Total bookings on the Company's global OTA platform have increased by over 100% both year over year and compared to the pre-COVID level for the same period in 2019.
The company's executive chairman James Liang said Trip.com Group will continue its global expansion and cultivate AI-related initiatives, laying the foundation for continued growth.
CFO Cindy Wang mentioned during the conference call that Trip.com has achieved breakeven on a contribution margin basis, excluding fixed costs and the shared cost on the group level.
Four major business segments
Accommodation reservation revenue was RMB 5.6 billion (USD 766 million), representing a 92% increase from the same period in 2022 primarily due to substantial recovery of travel market.
Transportation ticketing revenue was RMB 5.4 billion (USD 736 million), representing a 105% increase from the same period in 2022.
Packaged-tour revenue was RMB 1.3 billion (USD 182 million), representing a 243% increase from the same period in 2022.
Corporate travel revenue was RMB 591 million (USD 81 million), representing a 60% increase from the same period in 2022 and a 1% increase from the previous quarter.