Ctrip Delivered Strong Fourth-Quarter Results, and Margins Will Continue to Improve
Ctrip announced strong fourth-quarter results that beat both our estimates and street consensus. Net revenue increased by 76% year on year, slightly higher than the high end of company guidance, and the operating margin was 4%, marking the second consecutive quarter that Ctrip has booked positive operating income after the consolidation of Qunar in January 2016. With the efficient operation and more rational competition, the company expects the operating margin to reach the 20%-30% level in the ...
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