Online travel giant Trip.com Group said its net revenue for the first quarter this year remained stable year-over-year, but down by 12% quarter-over-quarter.
The company reported a net loss of RMB 1,001 million (USD 157 million) for Q1 2022, compared to a net income of RMB 1,765 million for Q1 2021.
Accommodation reservation revenue for the first quarter of 2022 was RMB 1.5 billion (USD 229 million), representing an 8% decrease from the same period in 2021, and a 24% decrease from the previous quarter, primarily due to the continued disruptions resulting from the COVID-19 resurgence in China.
Transportation ticketing revenue for the first quarter of 2022 was RMB 1.7 billion (USD 262 million), representing a 10% increase from the same period in 2021 and a 10% increase from the previous quarter, primarily driven by strong recovery of air travel in the oversea market.
Trip.com sees staycation travel continue to serve as a major contributor to the recovery of the Chinese domestic market, with local hotel bookings increased by over 20% year-over-year.
Air-ticket bookings on global platforms increased by over 270% year-over-year, mainly driven by the recovery of European and Asian Pacific markets. Hotel bookings on Trip.com's global platforms also outgrew the pre-pandemic level.
As of March 31, 2022, the balance of cash and cash equivalents, restricted cash, short-term investment, held to maturity time deposit and financial products was RMB 63.3 billion (USD 10.0 billion).