TripAdvisor dismisses Ernst & Young, appoints KPMG

Tue Feb 11, 2014 8:54pm EST
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By Rohit T. K.

(Reuters) - Online travel planning company TripAdvisor Inc (TRIP.O: Quote) said it had dismissed Ernst & Young as its auditor and appointed KPMG, effective immediately, but gave no reason for the change.

The company said there were no disagreements with E&Y that would have merited mention in the company's financial statements for the previous two years.

"Liberty Interactive Corp LINTA.O is a KPMG client and since Liberty now consolidates TripAdvisor we felt it would be more efficient to use the same audit firm," Chief Financial Officer Julie Bradley told Reuters.

Liberty is TripAdvisor's largest shareholder with a 14.05 percent stake as of October 10.

Shares of TripAdvisor, which also reported stronger-than-expected fourth-quarter revenue, were down about 2 percent in extended trading on Tuesday.

The company said revenue from its subscription business rose 53 percent to $35.7 million in the quarter ended December 31.

Revenue from click-based advertising rose 17 percent to $144.4 million while revenue from display-based advertising rose 46 percent to $32.5 million.

The TripAdvisor websites attracted more than 2 billion unique visitors in 2013, the company said.   Continued...