Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from Ed Woo – Wedbush Morgan Securities Inc.
Ed Woo – Wedbush Morgan Securities Inc.
I had a question regarding just whether there was any patterns or trends in the quarter regarding advertising spending? And have you seen anything change from the end of the quarter to today?
Holger Bartel
I will actually turn this question to Shirley and then would like to ask Chris and Jason to comment as well as this might be answered differently by each business segments, so Shirley, if you could go ahead and comment on North America, and then Chris and Jason please feel free to add on about your regions.
Shirley Tafoya
Let me just make sure I have it correctly. So you’re looking at the difference in advertising spending for this quarter?
Ed Woo – Wedbush Morgan Securities Inc.
I guess actually I meant revenue for Travelzoo in terms of what – if there was any pattern as obviously the economy got a lot worse in September and it seemed to have got worse in October. I was wondering if there was any pattern to revenue during the quarter for Travelzoo? And whether it has changed at all in October?
Shirley Tafoya
You know the economy is definitely a challenging one at this point, for advertisers. But there’s, a couple of things that play. First of all airlines, there’s a few airlines that have gone out of business this year that we’ve been affected by and haven’t gotten repeat advertising from obviously, and vacation packagers seem to be squeezed a little bit more.
On the other hand our hotel business is doing really, really well. So while there’s downsides to the economy for us right now the upswing is definitely on the hotel side. And we’re seeing some really increased business there and the desire for users to want that information and so travel is still there as well. So it's advertisers coming to us with the right deal, which they've been doing very readily over the last six weeks or so and have really been pulling the results from it.
Chris Loughlin
This is Chris Loughlin in London, maybe I can answer for Europe. Interestingly September was the best month that we’ve ever had here in Europe. And we saw a pickup in advertising from asset holders in particular, so as Shirley already mentioned, hotels. But we’ve been relatively filled out, in our cruise inventory for some time in the UK now as well.
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