Priceline Rocks Another Financial Quarter

By Don Nadeau, on May 11, 2009, in Priceline General

On May 11, 2009, Priceline reported another great financial quarter, in spite (or likely in part because of) the current recession. This "Name your own price" outlet may be benefiting greatly from consumers placing increased emphasis on spending wisely. Profits were up 43% from a year ago, well above Wall Street estimates, in part because of a hefty boost in European and U.S. travel bookings. Sales rose 14.6%. For 10 straight quarters, Priceline has exceeded financial firm profit estimates by at least 10 cents a share. Moreover, a weak travel environment actually helps Priceline in another way. With more hotel rooms and rental cars available at rock bottom prices, a greater percentage of "Name your own price" bids get accepted. Priceline proves that you can make money with bargain prices, in spite of unstable energy prices and a weak economy.