Booking (NASDAQ: BKNG) reported second-quarter earnings that surpassed analyst expectations, but shares slipped 3% following the announcement.

The online travel agency posted adjusted earnings per share of $41.90, beating the analyst estimate of $38.55 by $3.35.

Revenue for the quarter came in at $5.9 billion, exceeding the consensus estimate of $5.77 billion and marking a 7% increase YoY.

Room nights booked increased 7% from the prior-year quarter, while gross travel bookings rose 4% to $41.4 billion. The company reported net income of $1.5 billion, an 18% increase from the same period last year.

CEO Glenn Fogel commented, "In the second quarter, our business continued to perform well with room nights, revenue, and operating income exceeding our prior expectations."

The company's Board of Directors declared a quarterly cash dividend of $8.75 per share, payable on September 30, 2024, to stockholders of record as of September 6, 2024.