Booking Holdings Inc (NASDAQ: BKNG) reported its second-quarter financial results after the market close on Tuesday, and the numbers were better than Wall Street expected. Here's a quick rundown of what came out of the report.
Booking Holdings Stock Climbs as Q2 Earnings Top Estimates
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Booking Holdings Beats Estimates In Q2
The online travel agency posted revenue of $7.35 billion for the quarter, topping the analyst consensus of $7.20 billion. Adjusted earnings came in at $2.54 per share, also beating the expected $2.45 per share, according to market data.
Revenue was up 8% year-over-year, while room nights grew 5% and gross bookings climbed 9%. The company also generated roughly $3.7 billion in operating cash flow and $3.6 billion in free cash flow during the quarter. Booking Holdings repurchased $3.7 billion of its own stock and ended the period with $17.2 billion in cash and cash equivalents.
CEO Glenn Fogel struck a confident tone, saying, "Despite continued geopolitical and macroeconomic uncertainty during the second quarter, the underlying desire to travel remained resilient, and we are pleased with our results, which reflect the strength of our global platform and the disciplined execution of our teams."
Looking ahead, the company guided third-quarter revenue to a range of $9.37 billion to $9.55 billion, which came in below the $9.71 billion analysts were looking for.
BKNG Shares Climb After The Close
Investors seemed to focus on the earnings beat rather than the softer guidance. Booking Holdings shares were up 6.26% in after-hours trading, changing hands at $206.43 at the time of publication Tuesday.
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