On September 16, Trip.com Group Limited rose 5.04% in pre-market trading to $41.23/share, with turnover of $1.8993 million. The rally was driven by the company's Q2 earnings release, in which adjusted results significantly exceeded market expectations.

Trip.com reported Q2 adjusted earnings per share of $1.07, beating the consensus estimate of $0.91 by 17.6%. Revenue came in at $2.308 billion, also topping the $2.290 billion estimate. Although the company recorded a net loss of approximately RMB 24 billion due to a one-time RMB 5.2 billion antitrust penalty imposed by regulators, excluding that charge, net profit was approximately RMB 27 billion. Adjusted operating profit reached RMB 4.37 billion with an adjusted margin of 28%, both surpassing expectations.

International platform revenue grew over 50% year-over-year, while inbound tourism revenue maintained high double-digit growth. Morgan Stanley maintained an Overweight rating with a $52 price target, noting revenue slightly beat its forecast. Jefferies also maintained a Buy rating, citing stronger-than-expected adjusted profitability.

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