Booking Holdings stock surges on earnings beat as it forecasts ‘busy summer travel season’

Shares of Booking Holdings Inc. rose during the extended session on Wednesday after the travel booking site operator exceeded Wall Street expectations and said it expects to benefit from an intense summer travel season.

Reserve Holdings BKNG,
shares rebounded 8% after hours, after falling 0.1% in the regular session to close at $ 2,103.33.

The company posted a loss in the first quarter of $ 700 million, or $ 17.10 per share, compared to a loss of $ 55 million, or $ 1.34 per share, in the year-end period. past. Adjusted earnings were $ 3.90 per share compared to an adjusted loss of $ 5.26 per share over the past year period.

Revenue rose to $ 2.7 billion from $ 1.14 billion in the quarter last year. Analysts polled by FactSet had predicted earnings of 85 cents per share with revenue of $ 2.53 billion.

“Despite an uncertain macroeconomic environment, we have seen a continued strengthening of global travel trends so far during the second quarter of 2022 and we are preparing for an intense summer travel season,” said Glenn Fogel, CEO of Booking Holding, in a statement. . “I am excited about the smooth running of our teams to capture the demand for travel in this recovery environment and our progress in expanding our payment platform on as we move towards our connected travel vision.”

The company’s earnings report follows Airbnb Inc.’s strong earnings. ABNB,
+ 7.71%
and a lower loss for Expedia Group Inc. EXPE,

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