Online travel service provider Booking Holdings (NASDAQ: BKNG) reported non-GAAP earnings of $3.77 per share on revenue of $2.3 billion in the first quarter of 2020. The market had expected the company to post earnings of $6.10 per share on revenue of $2.31 billion. BKNG stock was down about 2% immediately after the earnings announcement.
On a GAAP basis, the company reported a net loss in the first quarter of $699 million or $17.01 per share, compared with net income of $765 million or $16.85 per share in the first quarter of 2019.
Booking Holdings’ first quarter results were negatively impacted by the COVID-19 pandemic and the resulting economic conditions and government orders.
BKNG stock had dropped 30% since the beginning of 2020. After reaching its 52-week high ($2,094) in January, the stock plunged to a 52-week low ($1,107.29) in March 2020.