Online travel services provider Ctrip (Nasdaq: CTRP) announced first quarter results after market on Wednesday. Net revenues were $49 million, up 47 percent year-on-year and down four percent from the previous quarter. Net income came in at $14 million, up 52 percent year-on-year and down 27 percent from the fourth quarter. Revenue from hotel reservations was $24 million, up 28 percent from the year-ago period and down 13 percent quarter-on-quarter. Air ticket booking revenues totaled $23 million, up 68 percent year-on-year and 3 percent quarter-on-quarter.
Ctrip expects approximately 30 percent of year-on-year revenue growth in the second quarter.