Trip.com Group Limited (TCOM) shares plummeted 17.33% in pre-market trading on Thursday, following the release of its first-quarter 2026 financial results.

The sharp decline was triggered by the company reporting lower-than-expected adjusted earnings for the first quarter and issuing significantly weaker guidance for the second quarter. While Q1 revenue increased 17% year-over-year, net profit attributable to shareholders plunged 41.6%. More critically, the company forecasts Q2 net revenue growth to decelerate sharply to approximately 3% to 8%, a dramatic slowdown from the previous quarter's pace.

Management attributed the disappointing outlook to direct and indirect impacts from adverse macroeconomic factors, including elevated energy prices and geopolitical volatility. The company also stated it has made operational adjustments in response to recent changes in industry standards and compliance frameworks, amid ongoing regulatory investigations. Several analysts cut their price targets on the stock following the report.