Booking Holdings slumps after Q1 EBITDA trails estimates
RichLegg
Booking Holdings (NASDAQ:BKNG) fell after posting its Q1 earnings report on Thursday.
Gross bookings tallied $39.43B for the quarter vs. $35.89 consensus. Room nights rose 38.3% year-over-year, rental car days increased 22.7%, and airline tickets rose 73.3%.
Merchants bookings shot up 81.0% and agency bookings were 19.7% higher.
Adjusted EBITDA soared 89% year-over-year to $586M, but came in below the consensus estimate from anaysts of $627M. Net income was $266M, compared with a net loss of $700M a year ago.
CEO update: "We saw a strong start to the year with first quarter room nights and gross bookings reaching our highest quarterly levels ever and both metrics surpassing our previous expectations... Our focus remains on continuing to improve our offering to both our supply partners and travelers, and I am encouraged by the progress our teams continue to make."
Shares of Booking Holdings (BKNG) dropped 5.90% to $2,451.00 in postmarket trading vs. the 52-week range of $1,616.85 to $2,731.75. The online travel stock fell 1.61% during the regular session on Thursday.
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