Trip.com Group has announced a significant recovery in its outbound hotel and air ticket bookings, surpassing pre-COVID levels in the fourth quarter of 2024. Compared to the same period in 2019, bookings for both air tickets and hotel stays were up by over 120%.
The China-based online travel agency revealed that bookings through its international platform, Trip.com, increased by 70% year over year in Q4. Additionally, inbound travel bookings saw a more than 100% rise compared to the previous year.
For the fourth quarter, Trip.com Group reported net revenue of $1.7 billion, a 23% increase from the same period in 2023. Net income reached $300 million, a notable rise from approximately $179 million a year earlier.
The company also reported a 20% increase in full-year net revenue, which hit $7.3 billion. Net income for 2024 stood at $2.4 billion, compared to $1.4 billion in 2023.
Adjusted EBITDA for the quarter was $408 million, showing slight year-over-year growth, while for the full year, it reached $2.3 billion, a 22% increase from 2023.
James Liang, executive chairman of Trip.com Group, commented on the results: “The travel market has shown remarkable resilience in 2024, fueled by a growing interest in exploration and cultural experiences. We are dedicated to investing in AI and promoting inbound travel to foster innovation and improve the travel experience. We look forward to another year of growth and success.”
Liang also highlighted the success of the company’s AI travel assistant, TripGenie, which launched in July 2023. In 2024, TripGenie saw a 200% increase in traffic, a 100% rise in browsing time, and a 200% increase in the total number of conversations.
In terms of revenue breakdown, accommodation reservation revenue for Q4 increased by 33%, reaching $709 million. Full-year accommodation revenue grew by 25%, totaling $3 billion, and made up 40% of the company’s overall revenue in 2024.
Transportation ticketing revenue for Q4 was $655 million, marking a 16% year-over-year increase. For the full year, transportation ticketing revenue rose 10% to $2.8 billion, accounting for 38% of total revenue, a slight decline from the previous year.
Packaged-tour revenue grew by 24% in Q4 to $119 million, while full-year revenue from this segment surged 38% to $594 million. This category contributed 8% of total revenue, up from 7% in 2023.
Revenue from the corporate travel business unit increased 11% to $96 million for the quarter and totaled $343 million for the full year, also up 11%.
Sales and marketing expenses surged by 45% to $462 million in Q4, driven by a boost in promotional activities. These expenses accounted for 26% of the company’s net revenue in the quarter. For the full year, Trip.com Group invested $1.6 billion in marketing, a 29% increase compared to 2023.
Related topics:
- OAG COO Urges Travel and Tourism Industry to Embrace AI Technology
- Universal Unveils Details About New Kids’ Resort in Texas
- Cathay Named Exclusive Founding Travel Partner of Kai Tak Sports Park
