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Earnings Results: Booking reaches pandemic-recovery ‘milestone,’ but CEO says ‘the recovery is not fully done yet’

Booking Holdings Inc. on Wednesday reported second-quarter financial results that beat analysts’ expectations for net income, room nights booked and gross bookings, though its revenue was shy of estimates.

Booking shares

climbed higher by about 5% after hours immediately after the results were released, then fell about 3%. They rose 0.5% in the regular session to close at $1,966.48. 

“We reached another milestone in our company’s recovery from the impact of the pandemic, with room nights for the second quarter surpassing 2019 levels for the first time,” Chief Executive Glenn Fogel said in a statement.

The travel-booking company, whose brands include Priceline, Kayak and, said gross travel bookings for the quarter were $34.5 billion, up 57% from the year-ago period, and beating analysts’ expectation of $32.96 billion in gross bookings. Room nights booked were 246 million, exceeding analysts’ expectation of 234 million.

Booking reported second-quarter net income of $857 million, or $21.15 a share, compared with a loss of $167 million, or $4.08 a share, in the year-ago period. Adjusted for investment and other costs, earnings were $19.08 a share. Revenue rose to $4.29 billion from $2.16 billion in the year-ago quarter.

Analysts surveyed by FactSet had forecast earnings of $18.19 a share on revenue of $4.33 billion.

Fogel said in the company’s news release that he expects “record Q3 revenue.” Analysts are forecasting third-quarter earnings of $53.81 a share on revenue of $6.34 billion.

Shares of Booking have declined 18% year to date, while the S&P 500 index

has fallen nearly 13% so far this year.

Also see: Airbnb stock falls sharply despite earnings beat, plan to repurchase $2 billion in stock

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