Booking Holdings and TripAdvisor experienced the worst quarterly losses

News

Booking Holdings and TripAdvisor experienced the worst quarterly losses

10.08.2020 News

The financial results of the quarter, which covers the period from April to June, were most affected by the COVID-19 pandemic, especially in the tourism industry.

Many countries have closed their borders, travel conditions have become more difficult, and most travelers have canceled their traditional trips during the hottest tourist season due to concerns about possible coronavirus infection.

The two largest American companies in online tourism Booking Holdings and TripAdvisor announced their results in the second quarter. Despite record losses due to the pandemic and the continuing negative conditions, the management of the companies encouraged investors with reports of signs of recovery in demand and further expectations for improvement.

In addition, on Thursday, the US Department of State, in close cooperation with the US Centers for Disease Control and Prevention (CDC), repealed a recommendation to US citizens (introduced March 19) “to avoid any international travel due to the global impact of COVID-19.”

However, some countries have returned to their former conditions for visits by foreigners, while others have a more streamlined procedure.

The State Department said that will “provide US citizens with more information about the current status of each country.”

Against the background of these news, shares of Booking and Tripadvisor rose to 4% and 2.7% before the opening of trading on Friday, despite quarterly losses.

Booking Company, which operates five major travel brands, including Kayak and Priceline, reported a second-quarter loss of $ 10.81, better than analysts’ estimate of a loss of $ 11.70 per share.

The amount of quarterly profit fell to $ 122 million, compared to $ 979 million in the same quarter last year.

Total quarterly income Booking fell from 84% to $ 630 million but surpassed analytical assessment of $ 569.4 million.

The number of booked nights in hotels and hostels decreased by 87% compared to last year. The agency’s revenue from travel booking fees fell from $ 2.61 billion to $ 357 million.

Advertising and other revenue fell from $ 284 million to $ 28 million. Revenue from travel-related transactions facilitated by Booking Holdings fell to $ 245 million from $ 959 million.

The company announced earlier this week that the plan is to release 25% of their workforce, or about 4,000 people as it seeks to restructure.

Tripadvisor повідомив про збиток на акцію в $ 0,76, що гірше оцінки аналітиків в $ 0,71 збитку на акцію. Загальний квартальний прибуток впав до $ 59 млн з $ 422 млн. рік тому, але перевершив оцінки аналітиків.

In spite of the fact that the number of unique Tripadvisor users still decreased significantly compared to last year, their number has increased since April.

According to a press release from Tripadvisor, from the end of March to April, a significant decrease in revenue compared to last year as a whole stabilized by segments and products of the company.

In Tripadvisor also stated that “the company still believes that the business has enough liquidity to withstand a long period of declining revenues, and remains confident in its ability to honor the debt of obligations in 2020 and 2021 in the future.”

Since the beginning of the year, shares of Booking Holdings have fallen by 14.7%, while shares of Tripadvisor by 29%.

Other articles

  • Exxon Mobil announces record depreciation of its gas assets by $ 20 billion
    News

    Exxon Mobil announces record depreciation of its gas assets by $ 20 billion

    The American oil and gas giant Exxon Mobil had one of the worst years in its history. Exxon shares have fallen by 45.36% since the beginning of 2020. The company has lost money for three quarters in a row, and in August they were excluded from the benchmark index of “blue chips” Dow Jones Industrial […]

  • General Motors reports profit growth of 74%
    News

    General Motors reports profit growth of 74%

    Shares of General Motors, down by 3.7% since the beginning of the year, rose by 3.9% in trading after the company announced the results of the 3rd quarter, which ended on September 30. General Motors reported earnings per share increase of 65% to $ 2.83, which was higher than analysts expected $ 1.38. The amount […]

  • The net loss of the world’s largest cinema network increased 16.5 times in the third quarter
    News

    The net loss of the world’s largest cinema network increased 16.5 times in the third quarter

    AMC Entertainment Holdings, which owns the world’s largest network of cinemas, presented its financial report for the third quarter of 2020. His company ended with a net loss of $ 906.5 million – 16.5 times worse than last year. In the third quarter, the company’s cinemas began to reopen after a five-month of lockdown due […]

  • The third quarter of Alphabet showed growth in search advertising revenue and strong growth in YouTube
    News

    The third quarter of Alphabet showed growth in search advertising revenue and strong growth in YouTube

    Shares of Alphabet, which rose 18.2% over the past 6 months, rose 9% after closing trading on Thursday when the global advertising giant announced significant improvements in the reporting quarter. Google’s parent financial report far exceeded analysts’ expectations and showed a resumption of advertising revenue growth after reporting a drop in revenue for the first […]

  • Chevron made a net loss of $ 4.9 billion in nine months
    News

    Chevron made a net loss of $ 4.9 billion in nine months

    The net loss of the second largest American oil and gas company Chevron, which accounts for the parent company, in the first nine months of 2020 amounted to 4.878 billion dollars against a profit of 9.534 billion dollars a year earlier, the company said. The diluted loss per share was $ 2.63 against earnings of […]

  • Visa and JPMorgan Chase are launching apps for contactless payment system for sellers
    News

    Visa and JPMorgan Chase are launching apps for contactless payment system for sellers

    On Tuesday, JPMorgan Chase announced the launch of its mobile payment service QuickAccept, and on Wednesday, Visa launched its application called Tap to Phone. The purpose of both programs is to offer sellers an easy way to accept contactless payments from customers via a smartphone or tablet. According to Visa, in the context of the […]

  • AT&T’s quarterly revenues exceeded estimates after adding 645,000 new telephone subscribers
    News

    AT&T’s quarterly revenues exceeded estimates after adding 645,000 new telephone subscribers

    Shares of AT&T, which have lost 27.6% of value since the beginning of the year, rose up to 5.8% on Thursday after the publication of better-than-expected Wall Street analysts, earnings for the 3rd quarter, which ended on September 30. AT&T reported earnings per share of $ 0.76, which is 19% below last year’s value, but […]

  • China’s economy grew by 4.9% in the third quarter
    News

    China’s economy grew by 4.9% in the third quarter

    According to the National Bureau of Statistics of China, the country’s GDP grew by 4.9% year on year in the third quarter. China’s economy is recovering the fastest in the world from the COVID-19 pandemic – GDP decline by closing factories and quarantine in the first quarter of the year already fully compensated, and the […]

Read also

Booking Holdings and TripAdvisor experienced the worst quarterly losses
News

Why do the foreign investors need Chornobyl zone?

A number of investment companies in the world are interested to invest money in the construction of solar power plants in the Chоrnobyl zone. Among them are China, Germany, Austria and others. It is reported by investment portal InVenture. Head of Ministry of Environmental Protection of Ukraine Ostap Semerak stressed the fact that the Ministry […]

Next
Booking Holdings and TripAdvisor experienced the worst quarterly losses
News

The cryptocurrency Dogecoin has sharply added to the price after the tweets of three celebrities

The cryptocurrency Dogecoin, which contains an image of a dog shiba-inu, on Monday, February 8, reached a record high after billionaire Elon Musk, rapper Snoop Dogg and bassist Kiss Gene Simmons wrote about it on Twitter, according to Bloomberg. Thus, according to the CoinGecko platform, the value of the token rose to a peak of […]

Next
Booking Holdings and TripAdvisor experienced the worst quarterly losses
News

State of Amazon head Jeff Bezos has reached $ 200 billion

The position of the richest man in the world, Amazon CEO Jeff Bezos reached $ 199.7 billion, which is a record for a businessman. This was reported on Wednesday by Forbes magazine. The publication noted that during the trading of Amazon shares on Tuesday, the state of Bezos even exceeded the mark of $ 200 […]

Next
Booking Holdings and TripAdvisor experienced the worst quarterly losses
News

The Ukrainian startup Moggie raised investments in Sweden in the amount of $ 70 thousand

Until quite recently, the Petcube took the lead position in the Ukrainian niche of gadgets for pets. But a startup team of the Moggie project proved their importance. The company is developing a smart collar for cats and mobile application, which in pairs or individually will allow owners to monitor the health of their pets, […]

Next
Booking Holdings and TripAdvisor experienced the worst quarterly losses
News

The AMCU allowed ABH Ukraine, Cyprus company to buy the “Alfa Insurance” insurance company

The ABH Ukraine, Cyprus company said it would buy a 50% stake in the “Alfa Insurance” insurance company. Recently, the Antimonopoly Committee has permitted  ABH Ukraine (Cyprus) to buy a 50% stake in the “Alfa Insurance” insurance company,  according to the Antimonopoly Committee report. “It was given a resolution to the ABH Ukraine Limited company […]

Next
52871852 331497207484336 1493648187980775424 n
News

Lawyer.ua – the first legal assistance on the international scale

S&P Investment Risk Management Agency launched a legal portal Lawyer.ua 5 years ago. It was designed as an innovative online-platform for lawyers’ communication and for all who needed legal assistance. Experts now can effectively provide legal services in personal online-cabinets while clients can get qualified legal assistance promptly. Today, Lawyer.ua has grown into a large-scale […]

Next
Booking Holdings and TripAdvisor experienced the worst quarterly losses
News

The head of the NBU announced the rapid sale of PrivatBank

The National Bank of Ukraine plans to sell PrivatBank. Its privatization, the NBU believes, may be of interest to the most prestigious international investors, as the Ukrainian banking sector has potential. The head of the NBU Kirill Shevchenko in an interview with GlobalCapital stated this. “Our banking sector has significant potential for international investors. We […]

Next
Booking Holdings and TripAdvisor experienced the worst quarterly losses
News

Diageo accused LVMH of not paying dividends of 181 million euros

The world’s largest producer of alcohol, the British Diageo has initiated arbitration proceedings with the French luxury goods manufacturer LVMH Moet Hennessy – Louis Vuitton SA due to non-payment of dividends in the amount of 181 million euros in 2019. Diageo owns 34% in the joint venture with LVMH for the production of alcoholic beverages […]

Next
entrepreneurs fallacy big idea1 810x540 1
Analytics

Three ideas for your business: what it is worth paying attention to

The editorial office of our magazine has already repeatedly mentioned a subject of investments in the publications. Even, if you aren’t ready to invest the money in a new  perspective or the existing and stable project, understanding of general tendencies of the market for any entrepreneur now – for a beginner or an experienced person  is the […]

Next
Booking Holdings and TripAdvisor experienced the worst quarterly losses
News

Lactalis representatives were included in the Parmalat shareholders

Lactalis dairy products manufacturer has signed an agreement with the Italian company Parmalat – one of the main competitors of the French group in Europe. According to official information, it is about the acquisition of more than 12.2% of the shares of Parmalat: the value of one security is 2.8 dollars per piece. It should […]

Next
Booking Holdings and TripAdvisor experienced the worst quarterly losses
News

The Security Service of Ukraine disclosed the company that tried to assign 37 million UAH from Agrarian Fund

The Security Service of Ukraine (SSU) has disclosed the company in Rivne region, which was trying to assign means of “Agrarian Fund”, PJSC, said the SSU press-center. According to the report, “Agrarian Fund”, PJSC has concluded the exchange transaction with a private company for the supply of 16 thousand tonnes of wheat worth over 67 […]

Next
Booking Holdings and TripAdvisor experienced the worst quarterly losses
News

The EU is asking Facebook to suspend the transfer of its users’ data to the United States

The European regulator on personal data protection has sent a preliminary order to American Facebook to stop the transfer of data of its users in the United States, according to the Wall Street Journal, citing sources familiar with the situation. “The EU’s privacy regulator has sent a preliminary order to Facebook for suspending the transfer […]

Next
Booking Holdings and TripAdvisor experienced the worst quarterly losses
News

China reduced US treasury bond portfolio by $ 6.22 billion in September

China reduced its US Treasury bond portfolio by $ 6.22 billion to $ 1.062 trillion amid strained relations with Washington in September. This was reported on Friday by the South China Morning Post, citing data from the US Treasury. This was the lowest amount of these investments since February 2017. According to the publication, China […]

Next
Booking Holdings and TripAdvisor experienced the worst quarterly losses
News

Deutsche Bank staff questioned as part of Libor investigation

Current and former Deutsche Bank staff have been questioned by the Serious Fraud Office in recent weeks in relation to the investigation into Libor rate-rigging. Traders have been interviewed about the manipulation of the London interbank offered rate and its euro counterpart, Bloomberg has reported. The interviews come shortly after the conviction of former UBS […]

Next
Booking Holdings and TripAdvisor experienced the worst quarterly losses
News

The Cabinet of Ministers denied the statement about toll roads

Infrastructure Minister Oleksandr Kubrak denied his deputy Anna Yurchenko’s statement about toll roads in Ukraine. The day before, she said that six such roads are planned to be built in Ukraine and called the estimated cost of travel on them. “I will explain why this information is not true, and what is really happening,” Kubrak […]

Next
Booking Holdings and TripAdvisor experienced the worst quarterly losses
News

The state will sell its stake in Lufthansa in the next two years

The Fund for Economic Stability (WSF), created by the German government, saved the largest German airline from bankruptcy after the collapse of air traffic in March 2020 with billions of infusions, but now there is a way out of the crisis, the concern said. Lufthansa intends to return to the state by the end of […]

Next