Updated: Online travel search engine Kayak today posted its financial results for the second quarter of 2012, its first earnings report as a public company since its well-received initial public offering last month.
Kayak pulled in $76.9 million in revenue during Q2, up 36 percent year-over-year from its Q2 2011 sales. Its adjusted EBITDA was $20.6 million, an 85 percent boost from Q2 2011. Its Q2 net income saw the biggest spike year-over-year, at $7.3 million, a 93 percent jump from Q2 2011, representing earnings per share on a GAAP basis of 19 cents. Its income from operations was $15.75 million.
The Q2 results bested Kayak’s own projections as well as Wall Street’s. In its final S-1 before going public, Kayak projected that its Q2 revenue would be between $74.5 million to $76 million, with between $13.4 million to $14.4 million in income from operations. Analysts were expecting Kayak to have $75.3 million in sales for the quarter.
Kayak’s Q2 financial results (click to enlarge)
Update: An earlier version of this story misreported analyst estimates for Kayak’s earnings per share, saying that the GAAP EPS of 19 cents fell five cents short of analysts’ estimates. In fact, analysts estimated on average that Kayak’s Q2 GAAP EPS would be 18 cents. The earlier report was based on incorrect data sourced from Marketwatch. We regret the error.
As far as usage goes, Kayak had predicted it would have 304 million queries during Q2, which was exactly the number that it reported today. Fifty-seven million of those queries were done on mobile devices, which represented a 95 percent boost over its mobile queries during the same quarter a year ago.
In a statement, Kayak’s CEO Steve Hafner said this about the quarter:
“We’re off to a strong start as a public company, with record revenues and adjusted EBITDA. Our focus remains on ensuring that KAYAK is the best place to plan and book travel globally.”