Benzinga | May 7, 2021 11:31AM EDT

TRIP Stock Gains As CEO Expects Leisure Travel To Pick Up

* TripAdvisor Inc (NASDAQ: TRIP) reported a first-quarter FY21 revenue decline of 56% year-on-year to $123 million, beating the analyst consensus of $120.47 million.

* Hotels, Media & Platform revenue declined 48% Y/Y to $88 million, Experiences & Dining revenue declined 66% Y/Y to $28 million, while Other revenue declined 73% Y/Y to $7 million.

* Adjusted EBITDA loss was $26 million with a 21% margin, Experiences & Dining adjusted EBITDA loss was $24 million.

* TRIP reported a Non-GAAP net loss was $53 million, with an adjusted EPS loss of ($0.39) missing the analyst consensus of ($0.32) loss.

* TripAdvisor held $674 million in cash and equivalents and used $19 million in operating cash flow.

* "Q1 demonstrated consumers want to get back out there and travel, CEO Steve Kaufer said. Traffic and revenue trends improved as vaccination rates climbed, particularly in the U.S. market, he added.

* Kaufer believed that leisure travel was poised for a potential inflection later this year despite the uneven global recovery.

* Price action: TRIP shares traded higher by 2.77% at $45.95 on the last check Friday.