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Booking Holdings Q2 income up 3% YOY

Online travel services giant Booking Holdings Inc. on Aug. 7 posted better-than-expected earnings for the second quarter, owing to a strong start to the summer holidays.

For the three months ended June 30, the company, which owns travel booking platforms Agoda Co. Pte. Ltd., BV and LLC, saw non-GAAP net income inch up 3% year over year to $1.03 billion from $1 billion, beating analysts' consensus net income estimate of $993.9 million, compiled by S&P Global Market Intelligence. The figure was also above Booking Holdings' target of between $965 million and $985 million.

Non-GAAP diluted EPS for the quarter came in at $23.59, up 14% from $20.67 a year ago and from the Market Intelligence consensus normalized EPS estimate of $22.81.

Second-quarter revenue jumped 7% year over year to $3.85 billion from $3.54 billion due to the increase in the number of room bookings.

"Booking Holdings executed another strong quarter as we witnessed a solid start to the summer travel season," CEO Glenn Fogel said. "Globally, our accommodation business booked 213 million room nights in the second quarter, up 12% over the same period last year."

For the third quarter of 2019, Booking Holdings expects adjusted net income to range between $1.87 billion and $1.91 billion, up from $1.80 billion in the same period a year prior. Non-GAAP diluted EPS is forecast to be between $43.60 and $44.60, higher than $37.78 in the third quarter of 2018. Revenue growth is expected to reach 2% to 4%.

Booking Holdings' stock closed up 1.96% to $1,821.56 in New York trading following its earnings release.