Journey.com, China’s high journey reserving website, misplaced $131 million within the final three months of 2021 in contrast with a revenue of $159 million a yr earlier as Covid-19 infections reemerged in China, the corporate stated in an announcement as we speak.
The brand new outbreaks “discouraged person demand” for the corporate’s merchandise, Journey.com stated.
Internet income within the fourth quarter totaled $735 million, a 6% lower from the identical interval in 2020. (See announcement here.)
“Going ahead, we are going to proceed to concentrate on the enterprise restoration within the Chinese language home market whereas remaining bold with our world imaginative and prescient in direction of world journey reopening,” Chairman James Liang stated.
China’s home market, nevertheless, is getting damage once more this quarter by Covid outbreaks in main cities together with Shanghai. The nation additionally suffered an airline catastrophe this week when a China Jap Airways flight mysteriously crashed with 132 onboard and no reported survivors.
Ctrip’s shares have tumbled greater than 36% within the final yr amid the continued world impression of the pandemic.
Journey.com has three billionaires on its board – Baidu CEO Robin Li, Sequoia China Founding Managing Associate Neil Shen, and Huazhu lodge chain founder Ji Qi. Shen and, one other member, JP Gan, are members of the 2021 Forbes Midas Listing.
See associated submit:
Trip.com Makes A Content Push As Covid Limits International Travel
More Restaurant Industry Woes In China: Haidilao Sees Up To $710 Mln Loss