August 10, 2018

Booking Holdings tumbles after weak third-quarter forecast


Booking Holdings tumbled the most in nine months after the online travel giant said third-quarter earnings would be well below analysts’ average estimate.

Booking Holding's total revenues for the 2nd quarter were $3.5 billion as compared to gross profit of $3.0 billion, a 20% increase from the prior year (approximately 16% on a constant-currency basis). Net income in the 2nd quarter was $977.4 million, a 36% increase versus the prior year. Net income was $20.13 per diluted share, a 40% increase as compared to the prior year.

"Booking Holdings achieved strong results for the second quarter," said Glenn Fogel, Chief Executive Officer of Booking Holdings. "Adjusted EBITDA and non-GAAP EPS were up year-over-year 35% and 36%, respectively." Looking forward, Mr. Fogel said, "We will continue to execute on our long-term strategy to drive profitable growth and invest in capabilities to increase customer loyalty and build a larger direct business."

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