Online travel sites are getting squeezed by Airbnb, hotel chains
Third-party agencies' once industry-disrupting model is facing growing pressure from other competitors
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New York
ONLINE travel booking sites Priceline Group and TripAdvisor took a beating from investors on Tuesday, highlighting how the companies' once industry-disrupting model is under growing pressure from other competitors.
Shares of TripAdvisor fell 23 per cent on Tuesday, while shares in Priceline declined 13.5 per cent. Rival Expedia Inc's shares skidded another 2.74 per cent and are down 19 per cent since Oct 26, the day before the company reported weaker-than-expected third-quarter results.
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