Trip.com’s (formerly Ctrip) China domestic and international business continued to show strong recovery momentum in the third quarter of 2022. Both domestic hotel and air reservation revenue saw positive year-over-year growth, with the domestic hotel booking revenue increasing by 25% year over year.
Trip.com’s international business maintained rapid recovery, with the overall air-ticket bookings on global platforms increasing over 100% year over year.
Its total net revenue increased by 29% year over year and increased by 72% quarter over quarter to RMB6.9 billion (US$969 million), mainly driven by the robust recovery in China’s domestic market and overseas markets.
- Accommodation reservation revenue was RMB2.9 billion (US$408 million), representing a 32% increase YoY or 114% increase QoQ
- Transportation ticketing revenue was RMB2.6 billion (US$369 million), representing a 44% YoY or 49% QoQ
- Packaged-tour revenue was relatively stable at RMB387 million (US$54 million) compared to the same period in 2021. Packaged-tour revenue increased by 217% from the previous quarter
- Corporate travel revenue was RMB370 million (US$52 million), representing a 9% YoY or 76% increase QoQ
Net income for the third quarter of 2022 was RMB245 million (US$34 million), which improved from a net loss of RMB868 million for the same period in 2021 and a net income of RMB43 million for the previous quarter.
Adjusted EBITDA for the third quarter of 2022 was RMB1.4 billion (US$198 million), representing a 164% increase from RMB537 million for the same period in 2021 and a 300% increase from RMB355 million for the previous quarter.
Adjusted EBITDA margin was 21% for the third quarter, compared with 10% for the same period in 2021 and 9% for the previous quarter.
As of 12:00 on 8 December, the travel search popularity for 2023 last week had increased by more than 900% compared with the same period last year. Within two hours after the release of the New Year’s holiday schedule on 8 December, the search volume of Trip.com’s air tickets and hotel products increased by 6 times and 7 times respectively from the same period the previous day.