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., Booking.com BV and priceline.com 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.