Booking Holdings beats results estimates on steady travel demand, shares up
FILE PHOTO: Booking.com app is seen on a smartphone in this illustration taken February 27, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
Online travel agent Booking Holdings beat Wall Street estimates for third-quarter revenue and profit on Tuesday, helped by more customers bundling their reservations on its platform and steady travel demand.
Shares of the company rose nearly 5 per cent in after-hours trading.
"While there remains some uncertainty in the macroeconomic and geopolitical backdrop, we are pleased to see continued momentum with steady travel demand trends in our business so far in the fourth quarter," the company said in a statement.
Gross bookings for the third quarter came in at $49.7 billion, up 14 per cent from last year.
The Norwalk, Connecticut-based company reported a quarterly adjusted profit of $99.50 per share, compared with analysts' estimates of $95.66 per share, according to data compiled by LSEG.
Total revenue for the quarter ended September 30 was $9.01 billion, also above expectations of $8.72 billion.
