Bookings Holdings (formerly known as The Priceline Group Inc. NASDAQ: PCLN), which changed its name a week ago and started trading under the new ticker symbol (NASDAQ: BKNG) from today, reported results for the fourth quarter of 2017. The online travel company swung to a loss on a GAAP basis, which amounted to $555.4 million or $11.41 per share, compared to a net income of $673.9 million or $13.47 per share in the prior-year quarter. GAAP results include $1.3 billion of provisional net income tax expense related to TCJA. On an adjusted basis, earnings were up 18.6% year-over-year to $16.86 per share.
Revenue grew 19% to $2.80 billion, while total gross bookings also increased 19% to $17.98 billion in the recently ended quarter.
For the first quarter of 2018, Bookings targets its year-over-year revenue growth rate to be between 17.5% and 21.5% on total gross bookings growth of 14.5% to 18.5%. GAAP earnings are estimated to be in the range of $9.05 to $9.45 a share, while non-GAAP earnings are expected to be in the $10.00 to $10.40 per share range.
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With the corporate world rapidly shifting to cloud-native computing after the virus outbreak changed work culture and the way businesses operate, technology providers are aggressively innovating their offerings. Hewlett Packard