Booking.Com's Q1 Earnings Show Growth In Travel Demand - Here's Why

Zinger Key Points
  • Booking reports quarterly earnings of $20.39 per share which beat the analyst consensus estimate of $14.06 by 45.02%.
  • Quarterly sales come in at $4.415 billion which beat the analyst consensus estimate of $4.254 billion by 3.79%.

Booking Holdings Inc. BKNG reported its first-quarter financial results after the bell on Thursday. Here are the key figures from the report.

Booking reported quarterly earnings of $20.39 per share, which beat the analyst consensus estimate of $14.06 by 45.02%. 

The company reported quarterly sales of $4.415 billion, which beat the analyst consensus estimate of $4.254 billion. This represents a 16.86 percent increase over sales of $3.778 billion from the same period last year. 

Booking said gross travel bookings of all travel services booked by customers, net of cancellations, were $43.5 billion, an increase of 10% from the prior-year quarter. Room nights booked increased by 9% from the same period last year. 

The board of directors declared a cash dividend of $8.75 per share, payable on June 28 to stockholders of record as of the close of business on June 7.

"We are pleased to report a strong start to 2024 with first quarter year-over-year growth in room nights of 9%, revenue of 17%, and operating income of 76%, all of which were ahead of our prior expectations," said Glenn Fogel, CEO of Booking Holdings. "As we continue our work to deliver a better planning, booking, and traveling experience for our travelers, we are seeing encouraging results at Booking.com with increasing direct mix, higher frequency, and more of our travelers moving into the upper Genius loyalty tiers."

Related News: Rivian Automotive Receives $827M Incentive Package: What's Going On With Rivian Stock?

BKNG Price Action: According to Benzinga Pro, BKNG shares closed higher by 1.68% at $3,472.91 at the time of publication Thursday.

Image: Courtesy of Booking Holdings, Inc.

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