Booking Holdings jumps after strong travel demand leads to earnings beat
Booking Holdings (NASDAQ:BKNG) shot higher in postmarket trading after recording record revenue and adjusted EBITDA for Q3. The results flew right past the consensus estimates from analysts.
The company reported gross bookings were 35.6% higher in Q3 with both agency (+18%) and merchant (+65%)demand strong compared to a year ago. Gross bookings were 52% higher than a year ago on a constant-currency basis.
Room nights were 31.5% higher during the quarter and rental car days were up 24.9%. Airline tickets booked jumped 45.1%.
Adjusted EBITDA was up 26% year-over-year to $2.7B to top the consensus estimate for $2.6B.
CEO update: "We saw an improvement in room night trends as we moved through the quarter and accommodation ADR growth continued to be strong... Despite the rising concern around the macroeconomic environment, we are encouraged by the slight improvement in room night growth we have seen in October and by the level of bookings for travel in early 2023."
Shares of BKNG rose 4.04% in after-hours trading to $1,850.00.
The Seeking Alpha Quant Rating on Booking Holdings (BKNG) places it 13th out of 31 hotel and resort stocks.