Booking Holdings stock rises on Q3 earnings beat, strong European performance

October 31, 2024 08:15 AM AEDT | By Investing

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Booking Holdings stock rises on Q3 earnings beat, strong European performance

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Investing.com -- Booking Holdings Inc (NASDAQ:BKNG) reported third quarter 2024 financial results that exceeded analyst expectations, driven by robust performance in Europe. The company's stock rose about 4% following the announcement.

The online travel giant reported adjusted earnings per share of $83.89, surpassing the analyst estimate of $77.16 by $6.73. Revenue for the quarter came in at $8 billion, beating the consensus estimate of $7.63 billion and representing a 9% increase YoY.

Room nights booked increased 8% from the prior-year quarter, exceeding the company's previous expectations. Gross travel bookings, which represent the total dollar value of all travel services booked by customers, rose 9% YoY to $43.4 billion.

"We are pleased to report third quarter room night growth of 8%, which exceeded our prior expectations, driven primarily by stronger performance in Europe," said Glenn Fogel, Chief Executive Officer of Booking Holdings.

The company's adjusted EBITDA increased 12% YoY to $3.7 billion. Booking Holdings also declared a quarterly cash dividend of $8.75 per share, payable on December 31, 2024, to stockholders of record as of December 6, 2024.

During the quarter, Booking Holdings recorded a $365 million accrual related to the proposed settlement of certain Italian indirect tax matters, which was excluded from adjusted net income and adjusted EBITDA calculations.

This article first appeared in Investing.com

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