Booking Holdings reported a strong financial performance for the third quarter, surpassing analysts’ expectations as robust international travel demand mitigated declines in domestic travel within the U.S. and China. The company announced its results on Wednesday, revealing a notable increase in profit and revenue.
Following the announcement, Booking’s shares surged by 4.3% in after-hours trading.
The stability of international travel demand in Europe and several Asian markets has played a crucial role in offsetting the downturn in domestic travel, which has been affected by reduced consumer spending amidst challenging economic conditions.
CEO Glenn Fogel expressed satisfaction with the results, stating, “We are pleased to announce an 8% increase in room nights in the third quarter, which exceeded our previous expectations, driven by stronger performance in Europe.”
During the quarter, Booking reported a total of 299 million room nights booked, marking an 8.1% increase from the same period last year. Gross bookings reached $43.4 billion, reflecting a 9% year-over-year rise.
The Norwalk, Connecticut-based company posted an adjusted quarterly profit of $83.89 per share, outperforming analysts’ projections of $77.52 per share. This positive financial outlook highlights the ongoing recovery and resilience of the travel sector as consumer preferences shift towards international destinations.
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