Trip.com Group said it believes artificial intelligence “stands to revolutionize the travel industry” as it delivered second quarter 2024 results.
The company announced net revenue of $1.8 billion for the quarter, up 14% year over year. Accommodation revenue was up 20% to $707 million for the same period.
Transport ticketing revenue for Q2 increased 1% to $670 million. Meanwhile, revenue from packaged tours increased 42% to $141 million year over year. Corporate travel revenue for Q2 rose 8% to $87 million compared with the same quarter in 2023.
James Liang, chairman of Trip.com Group, said, “The second quarter of 2024 witnessed continued growth driven by strong travel demand, especially for cross-border travel. Our strong performance highlights our adaptability in a dynamic market. Looking ahead, we are dedicated to leveraging the potential of AI to revolutionize the travel industry and provide exceptional value to our customers.”
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During an earnings call, he spoke about AI and its “unparalleled opportunities to inspire new journeys, enhance user experiences and boost operational efficiency.”
Liang highlighted the company’s curated lists, unveiled earlier this year. Trip.Best provides users with lists of the top hotels, attractions, restaurants and night life in destinations. The AI-driven lists are based on user reviews and annual sales.
TripTrends aims to inspire travelers by tracking travel events based on user searches across various platforms, including Trip.com’s own and general search engines and social media. Meanwhile, Trip.Deals finds the best deals on flights and accommodation.
Liang said, “We strive to leverage AI to provide users with fresh and trendy options, empowering them to plan less and travel more. Powered by large language models, we can analyze vast amounts of data to understand individual preferences, respond to contingencies with adaptive recommendations and deliver customized itineraries that resonate with each traveler’s unique interests.”
Trip.com Group’s net income for Q2 hit $535 million, up from $91 million year over year. Adjusted EBITDA was reported as $611 million, up from $507 million for the same period in 2023. Sales and marketing expenses increased 20% to $390 million in Q2.
