UPDATE: Priceline Shares Surge On Upbeat Q4 Results

Shares of

jumped over 7% in pre-market trading after the company reported stronger-than-expected results for the fourth quarter results. The Norwalk, Connecticut-based company posted quarterly net earnings of $452 million, or $8.56 per share, compared to $378 million, or $7.14 per share, in the year-ago period. Excluding non-recurring items, the company's adjusted earnings came in at $10.85 per share. Its revenue climbed to $1.84 billion from $1.54 billion. However, analysts were expecting earnings of $10.10 per share on revenue of $1.8 billion. Travel bookings surged 17% to $10.7 billion in the period. Gross profit for the quarter climbed 26% to $1.7 billion, while adjusted EBITDA jumped 23% to $712 million. The company's board added an additional $3 billion to its stock buyback plan. "The Priceline Group finished 2014 with a strong 4th quarter, reporting solid hotel and rental car unit growth," said Darren Huston, President and CEO of The Priceline Group. "International gross bookings growth of 27% on a local currency basis in the 4th quarter demonstrates the resilience of the business, despite an environment of economic uncertainty and foreign exchange volatility. The Group's full year room night reservations of 346 million grew by 28%, leading to gross bookings for the Group of just over $50 billion." For the first quarter, the company projects adjusted earnings of $7.20 to $7.75 per share, versus analysts' estimates of $8.39 per share. Priceline also expects Q1 total gross travel bookings to rise 2% to 9% year-over-year. Priceline shares rose 7.30% to $1,205.00 in pre-market trading.