Trip.com Group saw bookings increase more than 70% year over year across its online travel agency platform, the company said.
Announcing its fourth quarter and full-year 2023 results, the company said net revenue was $1.5 billion for the quarter, up 105% year over year. Full-year net revenue was $6 billion, up 122% on 2022.
Net income for the fourth quarter was $189 million, down from approximately $292 million year over year. Adjusted EBITDA for the fourth quarter came in at $401 million, compared with $39 million for the same period in 2022.
Net income for 2023 was $1.4 billion, a significant increase on 2022’s figure of $195 million.
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Accommodation reservation revenue for Q4 increased 131% to $550 million while revenue for the business unit for the full year was $2.4 billion, up 133% from 2022. Accommodation reservation revenue accounted for 39% of total revenue in 2023, up two percentage points on 2022.
Transportation ticketing revenue in Q4 increased 86% to $578 million with the full-year figure coming in at $2.6 billion, up 123% from 2022. Transportation ticketing revenue accounted for 41% of total revenue.
Revenue from packages for the quarter increased 329% to $99 million while for the full year it was up 294% to $442 million. Packages revenue accounted for 7% of the total revenue in 2023, up three percentage points on 2022.
Corporate travel revenue increased 129% to $89 million for the quarter and was up 109% to $317 million for the full year. Corporate travel revenue accounted for 5% of total revenue in 2023.
James Liang, Trip.com Group’s executive chairman, said, “In 2023, China embarked on a significant journey of reconnecting with the world driven by the rising travel sentiment. Our global business also experienced substantial growth fueled by our expanded market presence. With a continued focus on globalization and AI innovations, we are confident to build upon the success of 2023 and further explore the opportunities that lie ahead.”
Chief executive Jane Sun added, “We are pleased with the strong results achieved across our business segments in the past year. The global travel industry has shown remarkable resilience and is poised to sustain its growth trajectory. To capitalize on this trend and unlock new opportunities, we remain committed to investing in technology and product innovation, enhancing customer services and promoting sustainable development of the travel industry.”
Sales and marketing expenses for Q4 increased 103% to $329 million while full-year 2023 sales and marketing expenses increased 117% to $1.3 billion.