Travel giant Booking Holdings (BKNG) reported a 7% increase in third-quarter earnings on a revenue of $4.85 billion, up 9.5 %. Analysts had expected the company to post earnings of $38.37 per share on a revenue of $4.8 billion.
On a reported basis, the company posted earnings of $1.77 billion, or $37.02 per share, up from $1.2 billion, or $34.43 per share. Excluding one-off items, the travel company reported earnings of $37.78 per share, below street consensus.
Shares were up 8% during after-market trading.
Gross travel bookings grew 12% to $24.3 billion. The results were primarily driven by a 53% growth in Merchant revenues during the quarter. Meanwhile, agency revenues were almost flat at $3.5 billion.
CEO Glenn Fogel said, “Globally, our accommodation business reported a new milestone of more than 200 million room nights booked in a single quarter, which is up 13% over the same period last year.”
“As we look to the fourth quarter and beyond, we will continue to focus on making the right investments across our brands – in people, systems, and marketing – to continue to grow our business for the long term,” he added.
During the fourth quarter, Booking expects revenue to grow 13% to 16%. Adjusted net income is now expected between $18.90 and $19.40 per share.
The company also guided a 9% to 12% increase in Room nights booked during this period. Total gross travel bookings are anticipated to improve 6% to 9%.
Last week, rival Expedia’s (EXPE) shares jumped 8% after posting better-than-expected third-quarter earnings. The company reported earnings of $3.65 per share versus $3.12 expected by analysts.
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