Booking Holdings warns on recent travel demand downturn
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Booking Holdings (BKNG
-0.1%) provided an update to investors in a new SEC filing.
The company said it has suspended the booking of travel services in Russia and Belarus due to the circumstances in the region.
BKNG noted that Russia and Ukraine combined on a booker basis represent a low single digit percentage of total gross bookings. Exposure to Eastern Europe on a booker basis, including Russia and Ukraine, is noted to represent a high single digit percentage of total gross bookings.
The online travel giant also said that for the full month of February, room nights were also about in line with 2019 levels, however recent weakness has been observed.
"Over the last week, through Sunday March 6, our room nights were down about 10% versus 2019 levels. The recent softening of room night trends was driven by Eastern Europe, primarily Russia, and to a lesser extent by Western Europe, which remains modestly above 2019 levels."
Dig further into Booking Holdings' (NASDAQ:BKNG) new SEC disclosure.