Booking Holdings beat Wall Street targets for second-quarter profit on Thursday as pent-up demand for travel outweighed concerns around high inflation, sending the online travel agency's shares up 3.88 per cent after hours.
For the past few quarters, the lifting of pandemic curbs has fueled domestic and international travel in a boost to hotel operators such as Marriott International and Hilton Worldwide Holdings. Room nights booked for the quarter ended June rose 9 per cent from last year, Booking said. Gross travel bookings, which refers to the total dollar value of all the travel services booked by customers, jumped 15 per cent.
"We have seen these strong trends continue into July, and we are currently preparing for what we expect to be a record summer travel season in the third quarter," said CEO Glenn Fogel in a statement. The company's revenues rose 27 per cent to $5.46 billion, compared with analysts' expectations of $5.17 billion, according to Refinitiv data.Booking posted a per-share adjusted profit of $37.62, far above expectations of $28.90 per share,
Source: Holiday News (holidaynews.net)
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