Why Tripadvisor Stock Dropped This Week
Tripadvisor (NASDAQ: TRIP) shareholders lost ground to a declining market this week. The travel booking specialist's stock fell 12% through Thursday trading compared to a 2.6% drop in the S 500, according to data provided by S&P Global Market Intelligence. The stock is now down 13% so far in 2023 while the broader market has increased by 6%.
This week's drop came as investors reacted to Tripadvisor's Q1 earnings update.
The company revealed on Wednesday that sales shot higher in the Q1 period as compared to pandemic-pressured results a year ago. Revenue rose 42% to $371 million, in fact, and was up 46% after accounting for currency exchange rate shifts. "We are pleased with our strong start to 2023," CEO Matt Goldberg said.
Source Fool.com
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