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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Booking Holdings Inc.    BKNG

BOOKING HOLDINGS INC.

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Booking : Posts 2Q Adjusted. Loss as Gross Travel Bookings Fall 91%

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08/06/2020 | 04:38pm EDT

By Dave Sebastian

Booking Holdings Inc. said its gross travel bookings for the second quarter fell 91% to $2.3 billion as it missed out on the usually lucrative summer season due to the decimation in global travel during the Covid-19 pandemic, leading the company to post an adjusted loss.

The online-travel agency, which operates sites like Booking.com, Kayak and OpenTable, on Thursday posted adjusted losses of $10.81 a share, narrower than the $11.54 a share analysts polled by FactSet had expected.

Including gains on marketable securities of $835 million, net income was $122 million, or $2.97 a share, compared with $979 million, or $22.44 a share, in the comparable quarter last year.

Revenue fell 84% to $630 million from the year-ago period. Analysts were targeting $561.7 million.

"We faced a challenging second quarter and continue to face challenges due to the impact of the Covid-19 pandemic on travel demand, Chief Executive Glenn Fogel said. "However, we have witnessed improvement in booking trends since April, which is encouraging."

Room nights booked, a measure of occupancy, fell 87%.

Agency revenue, or that derived from travel-reservation commissions, fell to $357 million from $2.61 billion. Advertising and other revenues fell to $28 million from $284 million. Merchant revenue, or that derived from travel-related transactions whose payments Booking Holdings facilitated, declined to $245 million from $959 million.

The loss on adjusted earnings before interest, taxes, depreciation and amortization was $376 million, compared with an adjusted Ebitda of $1.4 billion in the prior year.

The Norwalk, Conn.-based company earlier this week said it plans to cut up to a quarter of Booking.com's global workforce, or roughly more than 4,000 people, as it seeks to restructure itself.

 

Write to Dave Sebastian at dave.sebastian@wsj.com

 

Corrections & Amplifications

This article was corrected at 4:39 p.m. ET because the original version misstated the net income figure as $22.62 a share a year ago, instead of $22.44 a share.


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Financials (USD)
Sales 2020 7 568 M - -
Net income 2020 373 M - -
Net Debt 2020 145 M - -
P/E ratio 2020 170x
Yield 2020 -
Capitalization 74 672 M 74 672 M -
EV / Sales 2020 9,89x
EV / Sales 2021 6,33x
Nbr of Employees 25 000
Free-Float 64,2%
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Technical analysis trends BOOKING HOLDINGS INC.
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Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 32
Average target price 1 972,44 $
Last Close Price 1 823,55 $
Spread / Highest target 64,5%
Spread / Average Target 8,17%
Spread / Lowest Target -15,0%
EPS Revisions
Managers
NameTitle
Glenn D. Fogel President, Chief Executive Officer & Director
Robert J. Mylod Chairman
David Ian Goulden Chief Financial Officer & Executive Vice President
Jeffery H. Boyd Director
Thomas E. Rothman Independent Director
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