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Booking beats on room nights during holiday travel season

by Riah Marton
in Technology
Booking beats on room nights during holiday travel season
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BOOKING Holdings, the parent to travel brands including Kayak and Priceline, delivered better-than-expected fourth-quarter results following a bustling holiday season.

Room nights booked for the three months ended Dec 31 grew 13 per cent to 261 million, the company said on Thursday (Feb 20), exceeding Wall Street’s estimates and its own guidance range of 6 to 8 per cent growth. Gross travel bookings, which include taxes and fees, were US$37.2 billion, compared with a projection of US$34.5 billion. Adjusted earnings per share were US$41.55, also well ahead of expectations.

In addition, the company said it authorised a share buyback programme of as much as an additional US$20 billion. It also issued a cash dividend of US$9.60 per share, payable on Mar 31. Shares of Booking rose 3.8 per cent in extended trading after the results, dividend and stock repurchase programme were announced.

Norwalk, Connecticut-based Booking’s latest results show travel demand remains strong even after the post-pandemic travel boom began tapering off last summer. It follows similarly upbeat commentary from online travel peers Airbnb and Expedia Group, both of which reported better-than-expected holiday-season results. Last October, Booking raised its 2024 full-year guidance, pointing towards strong performance in Europe and growth in Asia.

Despite signs of a strong holiday travel season, Airbnb and Expedia offered disappointing revenue and bookings guidance, respectively, citing headwinds from a strong US dollar. Analysts from Evercore ISI warned in a research note on Tuesday that Booking’s outlook could also suffer from currency fluctuations. The company has particularly high exposure to currency headwinds, given that it generates about 90 per cent of its revenue outside the US, according to Bloomberg-compiled data.

Booking is scheduled to hold an earnings call with analysts at 4.30 pm New York time. BLOOMBERG

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Tags: BeatsBookingHolidayNightsRoomSeasonTravel
Riah Marton

Riah Marton

I'm Riah Marton, a dynamic journalist for Forbes40under40. I specialize in profiling emerging leaders and innovators, bringing their stories to life with compelling storytelling and keen analysis. I am dedicated to spotlighting tomorrow's influential figures.

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