Needham analyst Laura Martin kept her Hold rating on TripAdvisor but lowered her Q3 revenue estimated by 4% to $457M to reflect to reflect the company's "actual trends" along with the comments made by its management at last month's investor conference. The analyst cites lower revenues coming specifically from the company's non-hotel segment and also points to TripAdvisor's negative shopper growth trend in Q2, which she expects to continue in the second half of 2018. Martin adds that the lower marketing spending is contributing to a mix shift, with "lower non-hotel EBITDA offset by higher hotel EBITDA".