Norwalk based Priceline has reported earnings which have more than tripled for the July-September for the current year as compared to earnings posted for the same period last year. The success is being credited by the company to an "exceptionally strong" summer travel season, leading to booking of more hotel rooms and flight tickets via the online travel service.

As confirmed by the company, more and more people are now turning to the internet to book for vacations as online portals are known to offer travel discounts, which when coupled with the slashed rates being offered by airlines and hotels in lieu of the recession, make a vacation more affordable.

Third quarter earnings posted by Priceline surged to a whopping $319 Million, or $6.42 per share, from the figure of $84.5 million, $1.74 per share, posted last year for the same quarter. Revenue also rose by 30% to stand at $730.7 Million. The results have managed to beat the estimate of analysts by a large margin. An income of $2.92 per share and revenue of $694 Million were pegged by analysts surveyed by Thomson Reuters.

Post the revelation of a much successful third quarter report, Priceline's stock surged by 6.6%, or $11.50, to a new high value of $184.90.