Trip.com Group Limited (TCOM) shares plummeted 13.64% in pre-market trading on Thursday, following the release of its first-quarter 2026 financial results which disappointed investors with lower-than-expected earnings and a significant slowdown in forward revenue guidance.

The online travel platform reported Q1 non-GAAP earnings of RMB5.73 per diluted American depositary share, down from RMB5.96 a year earlier and missing the consensus estimate of RMB6.05. While revenue increased 17% year-over-year to RMB16.21 billion, net income attributable to shareholders fell sharply by 41.6% to RMB2.499 billion.

More critically, the company issued guidance for the second quarter expecting net revenue growth to decelerate to approximately 3% to 8% year-over-year, a dramatic slowdown from the 17% growth achieved in Q1. Management attributed this outlook to direct and indirect impacts from macroeconomic headwinds including elevated energy pricing and geopolitical volatility, alongside operational adjustments to align with evolving industry standards and compliance frameworks. The company also faces ongoing regulatory investigations in China regarding potential monopolistic conduct and data transfer issues, adding to investor concerns.