Booking Holdings says quarterly revenue up 36% on strong travel demand
ONLINE travel agency Booking Holdings said on Thursday (Feb 23) it set a new record in January for monthly room night bookings, with travellers booking vacations further out than they did during the pandemic.
Travel companies including Booking’s peer, vacation rental Airbnb, have reported strong fourth-quarter results on sustained travel demand, despite economic concerns.
The Booking.com and Kayak operator’s revenue rose 36 per cent year-over-year to US$4 billion for the quarter, exceeding Wall Street’s estimates for US$3.89 billion in revenue, according to Refinitiv data.
Gross bookings for the quarter rose 44 per cent from the year-ago period to US$27.3 billion, the company said.
Shares rose 0.73 per cent in extended trading.
“We are encouraged by the continued strength and resiliency of demand from travellers last year and into the new year, which we believe speaks to our consumers’ strong desire to use our platforms when booking their travel,” said Glenn Fogel, Booking’s chief executive officer.
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Booking Holdings booked over 95 million room nights in January 2023 up 10 million room nights from the previous record set in May 2022, Booking’s chief financial officer, David Goulden told investors on a call.
Booking Holdings said gross travel bookings for fiscal year 2022 increased 58 per cent to US$121.3 billion. Total revenues for the full year increased 56 per cent to US$17.1 billion.
“Month-on-month trends can be volatile and we recognise that there is uncertainty regarding the future path of the world’s economy,” said Fogel.
The company said booking windows in January normalised back to 2019 levels and travellers are already booking stays late in the year. REUTERS
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