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Earnings Results: Booking shares climb higher on more evidence of travel recovery

Giving a peek into how travel has rebounded from the effects of the COVID-19 pandemic, Booking Holdings Inc. said Wednesday that its third-quarter revenue more than doubled from the previous quarter and that room nights booked rose 44% year over year.

Shares of Booking
BKNG,
-0.75%
,
whose brands include Kayak and Priceline, rose more than 6.6% after hours, after falling 0.75% in the regular session to close at $2,435.33. 

“We are encouraged by the signs of recovery we saw in many parts of the
world in the third quarter,” Chief Executive Glenn Fogel said in a news release.

The online-travel company reported third-quarter net income of $769 million, or $18.60 a share, compared with $801 million, or $19.49 a share, in the year-ago period. Adjusted earnings were $1.6 billion, or $33.70 a share, adjusted for $1 billion in losses on equity securities and other costs. Revenue rose to $4.7 billion from $2.6 billion in the year-ago quarter.

Analysts surveyed by FactSet had forecast adjusted earnings of $1.3 billion, or $33.01 a share, on revenue of $4.3 billion.

Booking’s stock has risen 9% year to date, and is up nearly 42% over the past 52 weeks. The S&P 500 Index
SPX,
+0.65%

has seen a 23% increase so far this year, and is up about 34% over the past year.

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