Booking Holdings Shares Surge 8% Following Blow-Out Q1 Earnings Amid Record Gross Travel Bookings
2022.05.05 00:21
Booking Holdings Shares Surge 8% Following Blow-Out Q1 Earnings Amid Record Gross Travel Bookings
Booking Holdings (NASDAQ:BKNG) shares were trading around 8% higher after-hours following the company’s reported Q1 results, with EPS of $3.90 coming in significantly better than the Street estimate of $0.90. Revenue was $2.7 billion, compared to the Street estimate of $2.54 billion.
Gross travel bookings for the quarter came in at $27.3 billion, the highest-ever quarterly amount, representing an increase of 129% year-over-year.
“I am pleased to report a record $27 billion in gross bookings in the first quarter, the highest quarterly amount in our company’s history,” said Glenn Fogel, Chief Executive Officer of Booking Holdings. “Despite an uncertain macroeconomic environment, we have seen continued strengthening of global travel trends so far in the second quarter of 2022, and we are preparing for a busy summer travel season ahead. I’m encouraged by how well our teams are executing to capture travel demand in this recovery environment and our progress in expanding our payments platform at Booking.com while we build towards our Connected Trip vision.”
Shares of Booking were down 12% year-to-date into the earnings.
By Davit Kirakosyan
