by Donald Wood
Last updated: 11:13 AM ET, Thu August 4, 2022
Booking Holdings Inc. announced its second-quarter financial results exceeded expectations for net income, room nights booked and gross bookings.
The company-which owns brands like Booking.com, Kayak and Priceline-revealed gross travel bookings beat analyst estimates for the second quarter by totaling $34.5 billion, up 57 percent from the same period in 2021.
Booking Holdings also revealed room nights booked totaled 246 million, while second-quarter net income topped $857 million after the company registered a loss of $167 million in the second quarter last year.
In total, revenue jumped from $2.16 billion to $4.29 billion over the last year.
"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," Booking Holdings CEO Glenn Fogel said.
"We continued to see very strong accommodation ADR growth, which helped drive a 38 percent increase in gross bookings, or a 48 percent increase on a constant currency basis, in the second quarter versus the second quarter of 2019," Fogel continued.
As for third-quarter expectations, Booking Holdings officials said they expect record revenue and EBITDA to exceed totals from the third quarter of 2019. Analysts are forecasting third-quarter revenue of $6.34 billion.
"Looking forward, we expect record Q3 revenue and are very busy working with our customers and partners to help enable an extremely busy summer travel season," Fogel added.
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