Tuesday, August 3, 2010

Priceline Posts Huge Q2 Profits; Q3 Guidance Way Up

(I won't be selling this stock anytime soon....  it will keep going higher from here.)

Priceline (PCLN) shares are trading sharply higher after hours on a blow-out Q2 financial report.

For the quarter, the online travel site reported revenue of $767.4 million and profits of $3.09 a share, well ahead of the Street consensus of $733 million in revenue and profits of $2.65 a share. Revenue was up 27.1% from a year ago.

For Q3, the company sees revenue up 29%-34% from a year ago, which implies $942.6 million to $979.5 million, well ahead of the Street at $863.3 million. Priceline sees Q3 profits of $4.78 to $4.98 a share, beating the Street at $4.18.

PCLN in late trading is up $33.47, or 14.5%, to $264.14.