Booking Holdings 1Q Adjusted Earnings, Revenue Fall as Travel Dries Up Amid Pandemic
08 May 2020 - 6:39AM
Dow Jones News
By Dave Sebastian
Booking Holdings Inc. said its adjusted earnings and revenue for
the first quarter declined as the Covid-19 pandemic has battered
travel and companies scaled back on their advertising spending.
The online-travel agency, which operates sites like Booking.com,
Kayak and OpenTable, on Thursday posted net loss of $699 million,
or $17.01 a share, compared with a profit of $765 million, or
$16.85 a share, in the comparable quarter last year. The company
said it had an unrealized loss of $307 million for the quarter on
marketable equity securities, as well as impairments of $489
million for OpenTable and Kayak goodwill and $100 million for an
investment in equities.
Gross travel bookings fell 51% to $12.4 billion, Booking said.
Room nights booked declined 43% from a year ago.
Adjusted earnings were $3.77 a share, down 66% from the prior
year and missing the $5.61 a share analysts polled by FactSet had
expected.
Revenue fell 19% to $2.29 billion from the year-ago period.
Analysts were targeting $2.22 billion.
Agency revenue, or that derived from travel-reservation
commissions, fell to $1.42 billion from $1.95 billion. Advertising
and other revenues fell to $205 million from $285 million. Merchant
revenue, or that derived from travel-related transactions whose
payments Booking facilitated, rose to $659 million from $603
million.
Write to Dave Sebastian at dave.sebastian@wsj.com
(END) Dow Jones Newswires
May 07, 2020 16:24 ET (20:24 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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