H World Group Limited (NASDAQ:HTHT) shares are trading lower on Tuesday.

Revenue rose by 11.2% year-over-year, reaching the upper end of the previously forecasted 7% to 11% increase for the second quarter of 2024. Revenue from the Legacy-Huazhu segment grew by 11.1% year-over-year, aligning with the high end of the 7% to 11% guidance, while revenue from the Legacy-DH segment saw an 11.6% year-over-year increase.

As of June-end, 10,286 hotels and 1 million hotel rooms were in operation.

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In the second quarter, revenue from leased and owned hotels was $507 million, representing a 2.5% year-over-year increase and an 18.8% quarter-over-quarter increase. 

Revenue from manachised and franchised hotels in the quarter was $321 million, representing a 25.8% year-over-year growth.

Hotel turnover increased 15.5% year-over-year in the second quarter. Adjusted EBITDA reached $280 million in the quarter.

Outlook: For the third quarter, the company anticipates revenue growth of 2% – 5%, or 1% – 4%, excluding the DH segment.

Additionally, the company has raised its hotel opening forecast for the full year of 2024, now expecting to open over 2,200 hotels, up from the previous estimate of approximately 1,800 hotels.

Price Action: HTHT shares are trading lower by 4.39% to $27.75 at last check Tuesday.

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