Travel website TripAdvisor’s revenue has decreased to $352m, a drop of $11m or three per cent, during the first quarter of 2016.
TripAdvisor reported earnings per share of $0.32 in the first quarter, $0.14 less than the analyst estimate of $0.46.
Shares of the travel business fell 7.73 per cent to $58.25 in after-hours trading on Wednesday.
Average monthly unique visitors reached 340m, the company said. User reviews and opinions reached 350m million at March 31, 2016, covering over one million hotels and accommodations, 775,000 vacation rentals, four million restaurants and 655,000 attractions and experiences.
“With the global launch of instant booking now substantively complete, users around the globe can now seamlessly book hotels on TripAdvisor,” said Steve Kaufer, president and chief executive officer of TripAdvisor. “Enabling users to book on TripAdvisor is an imperative step as we continue navigating the path towards creating the best user experience in travel.”
Chief financial officer Ernst Teunissen added: “While instant booking remains dilutive to our hotel segment revenue growth and profit margins in the near-term, we are pleased by early results and believe we are well-positioned for long-term growth.”