Booking Holdings Inc. (NASDAQ: BKNG) shares are soaring in after-hours trading Thursday on the heels of the company’s second-quarter earnings report.
The company reported quarterly earnings of $37.62 per share, which beat the analyst consensus estimate of $28.80, a 97.17% increase from earnings of $19.08 per share in the same period last year.
The company reported quarterly sales of $5.46 billion, which beat the analyst consensus estimate of $5.17 billion and represents a 27.2% increase over sales of $4.29 billion in the same period last year.
Gross travel bookings, the total dollar value of all travel services booked by customers net of cancellations, were $39.7 billion, a 15% year-over-year increase. Room nights booked increased 9% on a year-over-year basis.
“In the second quarter, we continued to see robust leisure travel demand, which helped drive stronger than expected room nights and gross bookings results in the quarter,” said CEO Glenn Fogel.
“We have seen these strong trends continue into July, and we are currently preparing for what we expect to be a record summer travel season in the third quarter. We are particularly excited about our recently announced generative AI-enabled travel assistants at both Priceline and Booking.com, and look forward to learning which elements customers value the most.”
Shares of BKNG were up 9.3% at $3,104.00 at the time of publication.
Booking Holdings is a popular US-based online travel company that operates through various brands to provide a wide range of travel services to customers globally. The company was founded in 1996 and has since grown to become one of the largest players in the travel industry, offering accommodation reservations, flight bookings, car rentals, and other travel-related services through its platforms.
Booking Holdings operates through several well-known brands, including Booking.com, Priceline.com, Agoda.com, Kayak.com, Rentalcars.com, and OpenTable. Each brand specializes in different aspects of travel, catering to various customer segments and travel preferences.
The company has a strong international presence, with operations spanning over 220 countries and territories worldwide. This extensive reach enables Booking Holdings to serve millions of travelers annually.
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Edited by Arnab Nandy
