Priceline earnings beat Wall Street estimates on increased bookings, shares surge. Kelsey Hubbard reports.
A spike in hotel and rental car bookings lifted Priceline Group's quarterly profit. And that, in turn, boosted its shares on Wednesday. CEO Darren Huston saying, it's been quite good for travel industry, with lower oil prices turning into cheaper airfares. The Priceline Group - operator of Booking.com, Priceline.com and Kayak.com - reported a rise in bookings, with hotel nights jumping almost thirty percent. And, while the company says it had a couple of weeks' worth of cancellations for European travel after Paris attacks, bookings to the area have returned to normal. Also, worries about the Zika virus in the Americas haven't dented interest in travel to that region. Next up for Priceline - it's focusing and investing in home and vacation rentals this year - to compete with Airbnb.