Tuniu Corporation ( TOUR ) shares are trading higher on Wednesday.

The company reported the fourth quarter of 2023, where net revenues increased by 265.8% year-over-year to $14.1 million.

The increase was primarily due to the growth of packaged tours as the travel market recovers.

Revenues from package tours in the fourth quarter of 2023 increased by 1377.1% year-over-year to $10.3 million.

Gross profit increased by 511.7% year-over-year to $10.5 million. The company reported net (loss) per ADS of $(0.15).

“In 2024, we will continue to seize upon opportunities presented by the market recovery, leverage Tuniu’s core advantages, enhance performance, and continuously demonstrate our growth potential and profitability to the market,” said Donald Dunde Yu, Tuniu’s founder, Chairman, and Chief Executive Officer.

For the first quarter of 2024, Tuniu ( TOUR ) expects to generate RMB101.1 million to RMB107.4 million of net revenues, representing a 60% to 70% increase year-over-year.

In March 2024, the company’s board of directors authorized a share repurchase program under which the company may repurchase up to $10 million worth of its ordinary shares or American depositary shares representing ordinary shares.

Price Action: TOUR shares are trading higher by 14.6% to $0.8151 on the last check Wednesday.