Booking Holdings swings to a loss of £116 million in the fourth quarter
- Booking Holdings swings to a loss of £116 million in the fourth quarter.
- The American company values its sales at £880 million in fiscal Q4.
- Booking refrained from giving its guidance for the fiscal first quarter.
Booking Holdings Inc. (NASDAQ: BKNG) published its earnings report for the fiscal fourth quarter on Wednesday that came in better than what analysts had anticipated, despite the ongoing Coronavirus pandemic that continues to wreak havoc on travel and tourism.
Booking Holdings shares initially jumped roughly 2% in after-hours trading on Wednesday but lost the gain later on. The stock is now exchanging hands at £1,728 per share versus £815 per share in March 2020. Learn more about how can you start trading on the stock market?
Booking Holdings’ Q4 financial results versus analysts’ estimates
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Booking said that it concluded the fourth quarter with £116.67 million of loss, that translates to £2.84 per share. In the same quarter last year, it had posted £19.62 per share of profit instead. The American company reported £880 million of sales in Q4 versus the year-ago figure of £2.36 billion.
On an adjusted basis, the Norwalk-based company lost 40.30 pence per share in the recent quarter – a decline from £16.47 per share of adjusted earnings last year. According to FactSet, experts had forecast the company to record £850 million of sales in the fourth quarter. Their estimate for adjusted loss per share stood at a sharply higher £3.03.
In separate news from the United States, the office supply retail company, ODP Corp., also reported its financial results for the fiscal fourth quarter on Wednesday.
Booking refrained from giving its guidance for the fiscal first quarter on Wednesday, citing uncertainties related to the COVID-19 crisis has so far infected more than 110 million people worldwide and caused over 2.5 million deaths.
Chief Executive Glenn Fogel’s comments on Wednesday
CEO Glenn Fogel commented on the financial update on Wednesday and said:
“The travel environment continued to be challenging through the fourth quarter of 2020 and into January 2021 as COVID-19 case counts remained very high and travel restrictions were reimposed in many parts of the world. However, in recent weeks, we have started to see some improvements in booking trends that we will continue to monitor.”
Booking’s earnings report comes only a day after Macy’s said it returned to profit in the fiscal fourth quarter.
Booking Holdings’ performed slightly upbeat in the stock market last year with an annual gain of close to 8%. At the time of writing, it is valued at £70.76 billion and has a price to earnings ratio of 73.56.