Booking Holdings, Hit Hard by the Pandemic, Swings to 4Q Loss
By Maria Armental
Online travel giant Booking Holdings Inc. swung to a loss in the
latest period and posted the worst annual profit performance in
more than a decade as the coronavirus pandemic ravaged the travel
The parent company of Kayak, Priceline, OpenTable and others on
Wednesday said the dollar value of travel services booked by
customers, less cancellations, dropped 65% to $7.3 billion in the
"The travel environment continued to be challenging through the
fourth quarter of 2020 and into January 2021 as
COVID-19 case counts remained very high and travel restrictions
were reimposed in many parts of the world," Chief Executive Glenn
Fogel said in a statement, adding that the company had seen some
improvement in booking trends in recent weeks.
Overall, Booking Holdings reported a $1645 loss for the quarter.
On a per share basis, the loss was $4.02, or an adjusted profit of
Revenue for the quarter fell to $1.24 billion from $3.34 billion
a year earlier.
Analysts surveyed by FactSet expected a loss of about $231
million, or $5.71 a share, or an adjusted loss of $4.28 a share,
and $1.2 billion in revenue.
Booking Holdings ended 2020 at a $59 million profit on $6.8
billion in revenue, down from a $4.87 billion profit and $15.07
billion in revenue a year earlier.
Write to Maria Armental at firstname.lastname@example.org
(END) Dow Jones Newswires
February 24, 2021 16:29 ET (21:29 GMT)
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