Booking revenue triples on travel demand boost from U.S., Europe
Online travel agency Booking Holdings Inc (BKNG.O) said on Wednesday its quarterly revenue more than tripled and trounced estimates, driven by strong demand in Europe and the United States as more people planned their long-delayed getaways.
Shares of the company, down 6% for the year, rose nearly 4% in aftermarket trading on a smaller adjusted quarterly loss, helped by vaccine rollouts and easing travel restrictions.
The travel industry has been witnessing a quicker-than-expected return in demand, with economies rebounding from a pandemic-led slowdown.
However, the highly transmissible COVID-19 Delta variant that has led to a rise in cases in several countries could thwart the recovery. The United States has decided to keep existing travel restrictions despite months of lobbying by the airlines.