Booking Holdings Inc. on Wednesday reported second-quarter financial results that beat analysts’ expectations for net income, rooms booked and gross bookings, though revenue came in shy of estimates.
Reservation of shares
rose about 5% after hours immediately after the results were released, then fell about 3%. They rose 0.5% in the regular session to close at $1,966.48.
“We reached another milestone in our company’s recovery from the impact of the pandemic, with second-quarter overnight stays surpassing 2019 levels for the first time,” CEO Glenn Vogel said in a statement.
The travel booking company, whose brands include Priceline, Kayak and Booking.com, said gross travel bookings for the quarter were $34.5 billion, up 57% from the year-ago period. Analysts had expected gross bookings of $32.96 billion. Nights booked were 246 million, beating analysts’ expectations of 234 million.
Booking reported second-quarter net income of $857 million, or $21.15 per share, compared with a loss of $167 million, or $4.08 per share, in the year-ago period. Adjusted for investments and other expenses, earnings were $19.08 per share. Revenue rose to $4.29 billion from $2.16 billion in the prior quarter.
Analysts polled by FactSet had forecast earnings of $18.19 per share on revenue of $4.33 billion.
Vogel said in the company’s press release that it expects “record third-quarter revenue.” Analysts had forecast third-quarter earnings of $53.81 per share on revenue of $6.34 billion.
Booking shares are down 18% year to date, while the S&P 500
is down nearly 13% so far this year.
See also: Airbnb Shares Plunge Despite Earnings Rise, Plan $2B Share Buyback