MakeMyTrip (MMYT) Shares Plummet After Q2 Results
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MakeMyTrip Ltd. (NASDAQ: MMYT) said Monday that its revenue for the second quarter surged past analyst estimates, but the company's EPS fell in line with expectations and its FY11 revenue outlook remained in line with the Street's view.
The India-based online travel Website operator reported adjusted second-quarter earnings of 2 cents per share, in line with the analyst estimate.
Revenue for the company rose 40.5 percent to $23.8 million, beating the market consensus of $16.96 million.
"Our successful initial public offering now provides MakeMyTrip with the ability to keep growing by investing in technology and strategic acquisitions that will enhance customers' experience and create long term shareholder value," said Deep Kalra, Chairman and CEO of MakeMyTrip.
Looking forward, the company sees FY11 revenue in the range of $58 million to $61 million, compared the Street's view of $60.9 million.
"We believe MakeMyTrip is well positioned to capture the long term growth in travel services that comes with the growing Indian economy and its middle class. The expected roll out of broadband Internet services throughout the country will only continue to drive the popularity of e-commerce which will benefit online travel companies like MakeMyTrip for many years to come," Kalra added.
Shares of MakeMyTrip are down 16 percent to $32.15 in midday market movement on Monday.
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The India-based online travel Website operator reported adjusted second-quarter earnings of 2 cents per share, in line with the analyst estimate.
Revenue for the company rose 40.5 percent to $23.8 million, beating the market consensus of $16.96 million.
"Our successful initial public offering now provides MakeMyTrip with the ability to keep growing by investing in technology and strategic acquisitions that will enhance customers' experience and create long term shareholder value," said Deep Kalra, Chairman and CEO of MakeMyTrip.
Looking forward, the company sees FY11 revenue in the range of $58 million to $61 million, compared the Street's view of $60.9 million.
"We believe MakeMyTrip is well positioned to capture the long term growth in travel services that comes with the growing Indian economy and its middle class. The expected roll out of broadband Internet services throughout the country will only continue to drive the popularity of e-commerce which will benefit online travel companies like MakeMyTrip for many years to come," Kalra added.
Shares of MakeMyTrip are down 16 percent to $32.15 in midday market movement on Monday.
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