Tripadvisor rebounds on strong Q1 and strategic progress

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Strong performance from Viator and TheFork, a simplified ownership structure, and a confident summer outlook position Tripadvisor for renewed growth

May 8, 2025

Tripadvisor shares surged 13% to a five-week high following a stronger-than-expected Q1 earnings report that signaled growing investor confidence ahead of the peak summer travel season. The company’s performance was buoyed by solid results from its experiences and restaurant booking platforms, Viator and TheFork, despite ongoing challenges in its core hotel and advertising business. With a simplified capital structure following its $430 million merger with Liberty TripAdvisor Holdings and a new legal base in Nevada, Tripadvisor is now positioned to make more autonomous strategic decisions under CEO Matt Goldberg’s leadership.

Key takeaways

Better-than-expected Q1 results: Revenue rose 1% YoY to $398 million (vs. $388M estimate); adjusted EPS came in at $0.14 (vs. $0.05 expected).
Strong adjusted EBITDA: $44 million in adjusted EBITDA, 11% of revenue, indicating operational resilience despite macro uncertainty.
Viator leads growth: Experiences platform revenue grew 10% to $156 million with bookings up 15%; EBITDA loss narrowed significantly.
TheFork gains traction: Revenue rose 12% to $46 million, with lower operating losses.
Core Tripadvisor weakness: Revenue fell 8% to $219 million amid softness in hotel and ad revenue.
Corporate restructuring: Completed $430 million merger with Liberty TripAdvisor Holdings; simplified capital structure and dropped controlling shareholder.
Strategic flexibility: New legal incorporation in Nevada enables greater strategic autonomy, including potential spin-offs of Viator or TheFork.