Booking Holdings Inc (NASDAQ:BKNG) shares surged after the travel booking firm’s second-quarter results surpassed market expectations aided by a recovering travel industry.
Revenue for the quarter ended June 30 reached $5.5 billion, a substantial 27% jump year-over-year and topping expectations of $5.17 billion. Earnings were $34.89 per share, an increase of 66% from last year, and well above estimates of $29.16.
Gross travel bookings rose to $39.7 billion, a 15% upturn compared to the same period last year, underlining the resilient travel demand. Room nights booked, a crucial metric reflecting occupancy rates, was 9% higher than the year-ago quarter.
Shares of Booking improved 11% in extended trading to $3,155.
"In the second quarter, we continued to see robust leisure travel demand, which helped drive stronger than expected room nights and gross bookings results in the quarter,” CEO Glenn Fogel said in a statement. “We have seen these strong trends continue into July, and we are currently preparing for what we expect to be a record summer travel season in the third quarter."
Fogel also discussed the recent introduction of AI-enabled travel assistants at Priceline and Booking.com, a move the company expects will elevate the customer experience.
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