A rare success story in tough economic times, travel site Priceline.com is seeing its credit rating improve, along with its revenues. WNPR’s Harriet Jones reports.
Priceline’s cut rate services and name-your-own-price business model have proved ideal in a challenged economic climate. The Norwalk based company has seen its traffic increase 48% in the third quarter over the same period last year. Its stock has risen along with its success in the marketplace – Priceline’s share price went up 36% in November.
Its subsidiary service, Booking.com has also had a strong year – a data analysis firm recently noted that Google searches with the term Booking.com have increased more than 170% in the third quarter, and look to be more popular in the fourth.
Priceline, which beat analysts’ expectations in its third quarter earnings results, has even managed to do comparatively better in the cut rate travel marketplace than rivals like Expedia and Orbitz, which have also seen improving business. Now Standard & Poors has raised its credit rating on the Norwalk company, citing growing revenue and improving credit.
For WNPR, I'm Harriet Jones.