Tripadvisor CEO Steps Down as Company Earnings Show Recovery Underway

Overall earnings fell short of analyst expectations, but experiences and dining revenue is four fifths of 2019 as Steve Kaufer announces he will leave Tripadvisor
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Steve Kaufer is stepping down as CEO of the company he co-founded and led since 2000.

The company released a statement on Kaufer’s planned departure as it reported third-quarter results that fell short of analyst expectations. The results show strong gains over 2020, but still well short of 2019. Other major online travel sites Expedia, Booking.com and Airbnb reported strong earnings that beat expectations.  

Tripadvisor saw a year-on-year revenue growth of 101% in Q3 2021 with the company bringing in $303m. However, revenue is still down by more than a third on 2019.

It made a profit of $1m during the three-month period.

Kaufer will stay in the role until a successor is named.

Experiences and dining accounted for $114m of the Q3 results, also announced on Monday. This is an increase of 115% on last year, but down from 2019’s $141m.

Tripadvisor does not break out experience results from dining.

Airbnb posted revenue of $2.2b and a net income of $834m in Q3 2021. Revenue was 36% higher than Q3 2019.

Booking Holdings brought in $4.7b over the same period, with a net income of $1.6b.

Expedia’s third-quarter results showed $2,96b revenue and an income of $524m.

Airbnb, Booking and Expedia do not report results from experiences.

Kaufer wrote in the results: “We are pleased to see a continued pick-up in consumer travel demand as borders open and vaccinations are more widely administered.”

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