Booking Holdings Inc (NASDAQ:BKNG) reported fourth quarter financial earnings that beat Wall Street estimates handily on the back of revenue that expanded nearly 36% year-over-year buoyed by resilient demand from travelers.
For the period ended December 31, 2022, the Norwalk, Connecticut-based travel technology company reported earnings of $24.74 per share on revenue of $4 billion. The company beat consensus earnings estimates of $20.97 per share on revenue of $3.8 billion.
For the full year 2022, Booking Holdings had gross travel bookings of $121.3 billion, an increase of 58% from 2021. The company’s total revenue for the full year 2022 totaled $17.1 billion, an increase of 56% from 2021, which is approximately a 71% increase on a constant-currency basis.
READ: Snowline Gold shares additional preliminary assay results from 2022 drilling at Rogue project
Booking Holdings is the world leader in online travel and related services, provided to customers and partners in over 220 countries and territories through six primary consumer-facing brands Booking.com, KAYAK, priceline.com, agoda.com, Rentalcars.com and OpenTable.
The group reported non-GAAP net income per diluted common share for the full year 2022 of $99.83, an increase of 118% from 2021. In the meantime, adjusted EBITDA for the full year 2022 was $5.3 billion, an increase of 82% from the year earlier.
Booking Holdings CEO Glenn Fogel hailed the company’s performance in 2022 during what he described as a “challenging and competitive environment.”
“We generated our highest-ever level of revenue of $17 billion in the year, which increased 56% versus 2021, and was 13% higher than in 2019," pointed out Fogel in an earnings statement.
"We are encouraged by the continued strength and resiliency of demand from travelers last year and into the new year, which we believe speaks to our consumers’ strong desire to use our platforms when booking their travel.”
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
Follow her on Twitter: @UttaraProactive