05-26-2015, 06:13 AM
Revenue and the main cost drivers:
For the first quarter of 2015, Ctrip’s reported revenue of RMB 2.4 billion or $394 million, representing a 46% increase from the same period in 2014.
Excluding share-based compensation charges product development expenses accounts for 32% of the net revenues, increased from 25% in the same period in 2014, and decreased by 39% in the previous quarter.
Excluding share-based compensation charges sales and marketing expenses accounted for 30% of the net revenues, increased from 26% in the same period in 2014 and decreased from 36% in the previous quarter.
Excluding share-based compensation charges general and administrative expenses account for 8% of the net revenue remain consistent with the same period in 2014 and decreased from 9% in the previous quarter.
Excluding share-based compensation charges, operating margin was negative 1%, compared to 12% in the same period in 2014 and negative 14% in the previous quarter.
Heavy investment in product development and marketing drove margins negative in Q4, whilst improving somewhat in Q1