HomeUS NewsTrip.com Group Limited Reports Unaudited 1st-Quarter of 2K22 Financial Results

Trip.com Group Limited Reports Unaudited 1st-Quarter of 2K22 Financial Results

Trip.com Group Limited (Nasdaq: TCOM; HKEX: 9961, a top one-stop travel service provider of accommodation reservation, transportation ticketing, packaged tours, and corporate travel management, today announced its unaudited financial results for the 1st-quarter of 2K22.

1st-Quarter of 2K22 Financial Results and Business Updates

In the 1st quarter of 2K22, the COVID-19 resurgence continued to disrupt the travel industry in China, which discouraged user demand for the Company’s services. As a result, the Company’s results of operations for the 1st quarter of 2K22 were materially and adversely affected.

For the 1st quarter of 2K22, Trip.com Group reported net revenue of RMB4.1 billion (US$649M), which was flat compared to the same period in 2K21. Net revenue for the 1st-quarter of 2K22 declined by 12.00 percent from the previous quarter, primarily due to the continued disruptions resulting from the COVID-19 resurgence in China.

Accommodation reservation revenue for the 1st-quarter of 2K22 was RMB1.50 billion (US$229M), representing an 8.00 percent decline from the same period in 2K21, and a 24.00 percent decline from the previous quarter, primarily due to the continued disruptions resulting from the COVID-19 resurgence in China.

Transportation ticketing revenue for the 1st-quarter of 2K22 was RMB1.70 billion (US$262M), representing a 10.00 percent increase from the same period in 2K21 and a 10 percent increase from the previous quarter, primarily driven by the strong recovery of air travel in the oversea market.

Packaged-tour revenue for the 1st-quarter of 2K22 was RMB124.00M (US$20.00M), representing a 27.00 percent decline from the same period in 2K21 and a 30.00 percent decline from the previous quarter, primarily due to the continued disruptions resulting from the COVID-19 resurgence in China.

Corporate travel revenue for the 1st-quarter of 2K22 was RMB222.00M (US$35.00M), representing a 12.00 percent decline from the same period in 2K21 and a 40.00 percent decline from the previous quarter, primarily due to the continued disruptions resulting from the COVID-19 resurgence in China.

The cost of revenue for the 1st quarter of 2K22 was relatively stable at RMB1.1 billion (US$168.00M) compared to the same period in 2K21. The cost of revenue declined by 5.00 percent from the previous quarter. Cost of revenue as a percentage of net revenue was 26.00 percent for the 1st-quarter of 2K22.

Product development expenses for the 1st-quarter of 2K22 declined by 11.00 percent to RMB2.0 billion (US$311M) from the same period in 2K21 and declined by 12.00 percent from the previous quarter, primarily due to a decline in product development personnel-related expenses. Product development expenses as a percentage of net revenue were 48.00 percent for the 1st-quarter of 2K22.

Sales and marketing expenses for the 1st-quarter of 2K22 declined by 11.0 percent to RMB843.00M (US$133.00M) from the same period in 2K21 and declined by 35.0 percent from the previous quarter, primarily due to a decline in expenses relating to sales and marketing promotion activities. Sales and marketing expenses as a percentage of net revenue were 21.0 percent for the 1st quarter of 2K22.

General and administrative expenses for the 1st-quarter of 2K22 declined by 15.0 percent to RMB584M (US$92.00M) from the same period in 2K21 and declined by 20.0 percent from the previous quarter,

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