Online-travel company Booking unexpectedly tops $2 billion in quarterly revenue for first time since the beginning of pandemic.
Booking Holdings Inc. exceeded $2 billion in quarterly sales for the first time since the beginning of the pandemic in a Wednesday earnings report, but losses exceeded expectations as the company waits for a stronger bounceback for travel amid the global pandemic.
Sales increased to $2.16 billion from last year’s $630 million, but still trailed by a wide margin the same quarter in 2019, before the pandemic, when Booking reported revenue of $3.8 billion. Analysts on average expected adjusted losses of $2.06 a share on sales of $1.88 billion, according to FactSet.
“The sharp return to growth initially in the U.S. and then the European markets that we have witnessed this year shows us clearly that travelers are eager to get back to booking trips on our platform when restrictions are lifted and customers are able to travel,” Fogel said. “We expect to be much closer to our 2019 revenue levels in Q3 than we were in Q2, driven by the strong booking improvements we have seen in the last few months.
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