Ctrip Reports Stellar 1Q Results
Net revenue at narrow-moat Ctrip was up 21% year over year versus guidance of 18% to 23%. Second-quarter revenue growth guidance is 16% to 21%, versus our full-year estimate of 16%. Operating profit was up 50% year over year as the operating margin increased 200 basis points to 10.8% in the quarter, versus our full-year assumption of 100 basis points margin increase. We maintain our earnings assumptions as Ctrip’s expenses to sales ratio have fluctuated significantly quarter to quarter and it co...
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