NEWTON (AP)- TripAdvisor Inc. said Tuesday that its first-quarter earnings grew 2 percent doubled as revenue rose 23 percent, beating analysts' expectations.
The company's shares surged in after-hours trading.
TripAdvisor was spun off from Expedia Inc. in December and offers travel services such as flight searches and it lets people post reviews. The company said it hit 60 million reviews and opinions in the quarter.
Net income rose to $48.1 million, or 35 cents per share, compared with $47.4 million, or 35 cents per share, a year earlier.
The company said that excluding expenses for stock-based compensation and other items, it would have earned 38 cents per share. Analysts, who usually exclude such items, had expected 33 cents per share, according to FactSet.
Revenue rose to $183.7 million, beating analysts' forecast of $174.1 million.
The company got 79 percent of its revenue from click-based advertising, with 12 percent from conventional display ads and 9 percent from subscription and other sources.
During the regular trading day, the shares fell 98 cents, or 2.6 percent, to close at $36.53. In about an hour of extended trading following the announcement, they jumped $5.98, or 16.4 percent, to $42.51.
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