Should Booking Holdings Be Getting More Out of Q2?

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Booking Holdings Inc. (NASDAQ: BKNG) released its second-quarter financial results before the markets opened on Thursday. The company posted $20.67 in earnings per share (EPS) and $3.54 billion in revenue, while consensus estimates from Thomson Reuters had called for $17.34 in EPS on revenue of $3.44 billion. The same period of last year reportedly had EPS of $15.14 and $3.02 billion in revenue.

During the most recent quarter, gross bookings increased 14.9% year over year to $23.90 billion, a decrease of 4.4% sequentially.

Booking Holdings recorded 190.5 million room nights, an increase of 12% from the same quarter last year. Rental Car Days increased 1% to a total of 20.9 million, and Airline Tickets increased 5.3% to 1.9 million sold.

In terms of its segments, the company reported as follows:

  • Agency revenues increased 10.0% year over year to $2.57 billion.
  • Merchant revenues increased 42.5% to $709.86 million.
  • Advertising and Other revenues increased 34.5% to $260.94 million.

Booking Holdings cash, cash equivalents and short-term investments totaled $7.33 billion at the end of the quarter, compared with $7.40 billion at the end of the previous fiscal year.

Glenn Fogel, CEO of Booking Holdings, commented:

Booking Holdings achieved strong results for the second quarter. Adjusted EBITDA and non-GAAP EPS were up year-over-year 35% and 36%, respectively. We will continue to execute on our long-term strategy to drive profitable growth and invest in capabilities to increase customer loyalty and build a larger direct business.

Shares of Booking Holdings were last seen down about 6% at $1,923.69, with a consensus analyst price target of $2,283.50 and a 52-week trading range of $1,714.07 to $2,228.99.

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