Priceline CEO replaced; Earnings, revenue beat
Priceline, the online travel agency known for its name-your-own price auction, on Thursday said its quarterly profit rose and named a new president and chief executive as of next year.
The company said it will split the role of CEO and chairman and promote Darren Huston to President and CEO. Jeffery H. Boyd, who had been president and CEO, will remain as chairman.
The company's shares briefly fell after the announcement but later wavered. (Click here to track the company's shares.)
"Booking.com and Agoda posted solid third quarter results leading to 36 percent room night growth for the Group," Boyd said in a statement. "The U.S. business of priceline.com showed positive momentum with accelerating bookings growth."
The online travel company posted net income of nearly $833 million, or $15.72 a share, in the third quarter, compared with $596.6 million, or $11.66 a share, a year earlier.
Excluding items, it earned $920 million, or $17.30 per share, up from $638 million, or $12.40 a share in the year-earlier period.
Revenue increased to $2.27 billion from $1.71 billion a year ago.
Analysts had expected Priceline to report a profit of $16.15 per share on $2.22 billion in revenue, according to a consensus estimate from Thomson Reuters.
—CNBC with Reuters