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Despite the omicron variant’s effects on travel at the the end of the fourth quarter, Booking Holdings Inc. said Wednesday that its business still did better than it expected.
“We delivered revenue and adjusted Ebitda results that were better than our expectations for the quarter,” said Glenn Fogel, chief executive of Booking BKNG, -1.92%, in a statement. He added that the company has seen a “meaningful improvement” in bookings so far in the first quarter, echoing what its competitors, like Expedia Group Inc. EXPE, -2.96%, have reported.
The travel-booking company, whose brands include Priceline, Kayak and Booking.com, said gross travel bookings for the quarter were $19.01 billion, an increase of 160% from the year-ago quarter, while room nights booked just about doubled to 151 million. Those numbers fell slightly short of what analysts had expected, which were $19.05 billion in bookings and 167 million hotel-room nights.
Booking reported fourth-quarter net income of $618 million, or $14.94 a share, compared with a loss of $165 million, or $4.02 a share, in the year-ago period. Adjusted for foreign-currency transaction costs, investment losses and other costs, earnings were $15.83 a share. Revenue more than doubled to $2.98 billion from $1.24 billion in the year-ago quarter.
Analysts surveyed by FactSet had forecast earnings of $13.30 a share on revenue of $2.85 billion.
For the full year, Booking reported net income of $1.17 billion, or $28.17 a share, compared with $59 million, or $1.45 a share, in the previous year. Revenue rose to $10.96 billion compared with $6.8 billion in 2020. Analysts had expected earnings of $25.39 a share on revenue of $10.84 billion.
Booking’s stock alternately rose and fell slightly, less than 1%, after hours, after falling about 1.9% in the regular session to close at $2,469.83.
Shares of Booking have risen about 3.5% year to date, while the S&P 500 Index SPX, -1.84% has declined almost 11% so far this year.
See: Expedia optimistic about travel recovery, boosting stock despite mixed results
Source: This post first appeared on http://marketwatch.com/