Booking Holdings beats estimates, boosts forecast
Room nights booked for the quarter ended June rose 9% from last year, while gross travel bookings jumped 15%
Booking Holdings on Thursday raised its forecast for third-quarter gross bookings as pent-up demand for travel outweighed rising costs and concerns around an uncertain economy. It now expects gross bookings to grow slightly more than 20%.
Key takeaways
- Booking Holding's revenue rose 27% to $5.46 billion, compared with analysts' expectations of $5.17 billion;
- The company continues to see robust leisure travel demand, and is currently preparing for a record summer travel season in the third quarter;
- International travel has surged this year, as Americans take advantage of a stronger dollar, while domestic trips in the US have generally slowed. Booking Holdings gets about 90% of its sales from international markets.
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