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