Booking Holdings Swings to 2Q Loss, Revenue More Than Triples
August 04 2021 - 4:41PM
Dow Jones News
By Maria Armental
Online travel giant Booking Holdings Inc. swung to a loss in the
latest period as operating expenses nearly doubled. Revenue more
than tripled from the year earlier, when the pandemic sapped travel
demand.
The parent company of Kayak, Priceline, OpenTable and others
said the dollar value of travel services booked by customers, less
cancellations, surged to $22 billion in the June quarter.
"We are encouraged by another quarter of meaningful sequential
improvement in booking trends with second quarter room nights
increasing 59% versus the first quarter of 2021, primarily driven
by stronger results in Europe and in the U.S.," Chief Executive
Glenn Fogel said in a statement.
Overall, Booking Holdings swung to a second-quarter loss of $167
million from a $122 million profit a year earlier. On a per-share
basis, the loss was $4.08, or $2.55 as adjusted.
Revenue for the quarter surged to $2.16 million from $630
million a year earlier.
Analysts surveyed by FactSet expected a loss of $3.35 a share,
or $2.06 a share as adjusted, on $1.88 billion in revenue.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
August 04, 2021 16:26 ET (20:26 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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