Booking Holdings Inc. (NASDAQ:BKNG) has reported its first-quarter financial results, showing significant growth in travel demand. The company’s earnings of $20.39 per share exceeded analyst expectations by 45.02%, while quarterly sales of $4.415 billion also beat estimates, representing a 16.86% increase over the same period last year.
Gross travel bookings for all services totaled $43.5 billion, up 10% from the previous year, with room nights booked increasing by 9%. The board of directors declared a cash dividend of $8.75 per share, payable on June 28.
Booking Holdings CEO Glenn Fogel expressed satisfaction with the company’s performance, citing growth in room nights, revenue, and operating income that exceeded expectations. He highlighted positive trends at Booking.com, including an increasing direct mix, higher frequency, and more travelers moving into the upper Genius loyalty tiers.
Investors responded positively to the news, with BKNG shares closing 1.68% higher at $3,472.91. The strong start to 2024 for Booking Holdings reflects a rebound in travel demand as the industry recovers from the impact of the pandemic.
Overall, Booking.com’s Q1 earnings demonstrate the company’s resilience and ability to adapt to changing market conditions. With a focus on delivering a better experience for travelers, Booking Holdings is well-positioned to capitalize on the growing demand for travel services in the coming months.