Should You Buy Priceline.com Shares?

Online travel agency Priceline.com has announced a much better than expected quarterly profit due to a strong summer travel season.

Will Priceline Stock Price rise in the short term?

Priceline announced on Monday that its third-quarter profit amounted to $319 million, or $6.42 per share, compared with $84.5 million, or $1.74 per share, a year earlier.

Net income was helped by a $181.9 million non-cash tax benefit from reversing a portion of the valuation allowance related to Priceline's net operating loss carry forwards.

Excluding items, the company earned $3.45 per share. Wall Street analysts had expected Priceline to earn $2.92 per share, according to Thomson Reuters I/B/E/S.

The travel industry has generally suffered this year as economic turmoil eroded demand, but online travel agencies have stimulated bookings with fee waivers and promotions.

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