Leisure-focused online travel site Tuniu said its revenue increased by 128.9% year-over-year to RMB 178.2 million (USD 24.4 million) for the third quarter of 2023.
Revenues from package tours, Tuniu's major business segment, grew by 262.1% to RMB 150.1 million (USD 20.6 million).
Net income in the third quarter of 2023 was RMB 39.1 million (USD 5.4 million), compared to a net loss of RMB 23.5 million in Q3 2022.
CEO Donald Dunde Yu said Tuniu took advantage of China’s peak travel season to achieve revenue recovery. The company said it persisted in implementing stringent cost control measures to lower expenses as a percentage of revenues, and that "Tuniu’s path to profitability will become increasingly clear."
For the fourth quarter of 2023, Tuniu expects to generate RMB 87.4 million to RMB 92.9 million of net revenues, which represents a 220% to 240% increase year-over-year compared with the corresponding period in 2022.
