By Denny Jacob


Booking Holdings Inc. reported a wider loss and better-than-expected revenue in the first quarter, but noted global travel trends in the current quarter were strengthening.

The online travel services provider widened its loss to $700 million, or a loss of $17.10 a share, for the quarter ended March 31, compared with a loss of $55 million, or a loss of $1.34 a share, in the year-ago period. Adjusted earnings were $3.90. Analysts polled by FactSet expected 85 cents.

Revenue rose to $2.7 billion from $1.14 billion. Analysts polled by FactSet expected $2.53 billion.

Gross travel bookings, which is the total dollar value of all travel services booked, net of cancellations, increased 129% from a year earlier to $27.3 billion.

Chief Executive Glenn Fogel said in prepared remarks that the company has seen continued strengthening of global travel trends in the current quarter despite an uncertain macroeconomic environment. He added that the company is preparing for a busy summer travel season ahead.


Write to Denny Jacob at denny.jacob@wsj.com


(END) Dow Jones Newswires

05-04-22 1637ET