Trip.com reported a decline in first-quarter profit and followed it with muted forward guidance, projecting second-quarter net revenue growth of only 3% to 8%. The announcement triggered an immediate sell-off in shares. As a longer-term offset, management unveiled an ambition to serve 200 million inbound travelers over the next five years.
The 3–8% Q2 revenue growth guide is a meaningful deceleration for a company that has been riding the post-pandemic travel recovery — investors paying a growth premium will reassess quickly. The share price reaction confirms the market expected more. The 5-year inbound travel target is strategically interesting but too distant to cushion near-term multiple compression.
Trip.com Q2 2025 earnings release (expected late August). China outbound and inbound tourism data from China's National Immigration Administration (monthly, next release ~early July).
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