Booking Holdings Beats Q3 Expectations

(Reuters) – Online travel agency Booking Holdings (NASDAQ:BKNG) exceeded analysts' expectations for its third-quarter profit and revenue on Wednesday. This success was largely attributed to strong demand for international travel, which compensated for the downturn in domestic travel in the U.S. and China.

Stock Performance
Shares of the company rose 4.3% after hours.

International travel demand in Europe and many Asian countries has remained robust, helping to offset the domestic travel slump caused by falling consumer spending amid macroeconomic challenges.

CEO's Remarks
"We are pleased to report third-quarter room night growth of 8%, which exceeded our prior expectations, driven primarily by stronger performance in Europe," said CEO Glenn Fogel.

Quarterly Highlights
– Total room nights: 299 million, an 8.1% year-over-year increase.
– Gross bookings: $43.4 billion, up 9% from last year.
– Adjusted profit: $83.89 per share, surpassing analysts' estimates of $77.52 per share.
– Total revenue: $7.99 billion for the quarter ending Sept. 30, a 9% increase compared to the previous year. Analysts had expected revenue of $7.63 billion, according to data from LSEG.