Booking Holdings stock surges on earnings beat

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Booking Holdings Inc. Shares surged in the extended session Wednesday after the travel reservations site operator topped Wall Street expectations and expects to benefit from a busy, summer travel season.

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Booking Holdings BKNG,
-0.12%
Shares rallied 8% after hours, following a 0.1% decline in the regular session to close at $2,103.33.

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The company reported a first-quarter loss of $700 million, or $17.10 a share, compared to a loss of $55 million, or $1.34 a share, in the year-ago period. Adjusted earnings were $3.90 a share versus an adjusted loss of $5.26 a share in the year-ago period.

Revenue rose to $2.7 billion from $1.14 billion in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of 85 cents a share on revenue of $2.53 billion.

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“Despite an uncertain macroeconomic environment, we have seen continued strengthening of global travel trends so far in the second quarter of 2022, and we are preparing for a busy summer travel season ahead,” said Glenn Fogel, Booking Holding chief executive, in a statement . “I’m encouraged by how well our teams are executing to capture travel demand in this recovery environment and our progress in expanding our payments platform at Booking.com while we build towards our Connected Trip vision.”

The company’s earnings report follows strong earnings from Airbnb Inc. ABNB,
+7.71%
and a narrower loss from Expedia Group Inc. EXPE,
-0.50%,

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Credit: www.marketwatch.com /

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