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Priceline tops 2Q profit expectations, meets revenue forecasts

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NORWALK, Connecticut — The Priceline Group Inc. (PCLN) on Wednesday reported second-quarter profit of $517 million.

On a per-share basis, the Norwalk, Connecticut-based company said it had net income of $9.94. Earnings, adjusted for stock option expense and amortization costs, were $12.45 per share.

The results topped Wall Street expectations. The average estimate of 13 analysts surveyed by Zacks Investment Research was for earnings of $11.90 per share.

The online booking service posted revenue of $2.28 billion in the period, which met Street forecasts.

For the current quarter ending in October, Priceline expects its per-share earnings to range from $22.95 to $24.45. Analysts surveyed by Zacks had forecast adjusted earnings per share of $23.58.

Priceline shares have risen 13 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed almost 2 percent. The stock has decreased 1 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap ) using data from Zacks Investment Research. Access a Zacks stock report on PCLN at http://www.zacks.com/ap/PCLN

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Keywords: Priceline, Earnings Report

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