Q3 2024 Trip.com Group Ltd Earnings Call Transcript
Key Points
- Trip.com Group Ltd (TCOM) reported a 16% year-over-year increase in net revenue for Q3 2024, driven by strong travel market performance during the summer and National Day holiday.
- Outbound hotel and air ticket bookings recovered to 120% compared to 2019 levels, outperforming the industry by 40%.
- The company has seen significant growth in international markets, with air ticket and hotel bookings on its international OTA platform rising by over 60% year over year.
- Trip.com Group Ltd (TCOM) has been recognized with the Forbes China Best AI-driven and Digitized Employer of the Year 2024 Award, highlighting its commitment to integrating AI into its operations.
- The company has successfully expanded its presence in the APAC region, with its international OTA app becoming the most downloaded in several markets, including Hong Kong, Macau, and South Korea.
- Hotel prices are still below last year's levels, although the gap has narrowed to mid- to low single digits.
- Outbound flight capacity has only reached around 80% of the 2019 level, indicating a slower recovery in this segment.
- The growth rate of hotel suppliers on Trip.com Group Ltd (TCOM)'s platform is normalizing, reflecting potential challenges in maintaining rapid expansion.
- The financial impact of AI investments is still minimal, and quantifying the benefits remains challenging.
- Marketing expenses are expected to increase in Q4 due to seasonality and fluctuations in revenue mix between China and international businesses.
(audio in progress) third quarter of 2024 earnings conference call. Joining me today on the call are Mr. James Liang, Executive Chairman of the Board; Ms. Jane Sun, Chief Executive Officer; and Ms. Cindy Wang, Chief Financial Officer.
During this call, we will discuss our future outlook and performance, which are forward-looking statements made under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties. As such, our results may be materially different from the views expressed today.
A number of potential risks and uncertainties are outlined in Trip.com Group's public filings with the Securities and Exchange Commission. Trip.com Group does not undertake any obligation to update any forward-looking statements, except as required under applicable law.
James, Jane and Cindy will share our strategy and business updates, operating highlights and financial performance for the third quarter of 2024 as well as the outlook for the fourth quarter of 2024. After the prepared remarks, we
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