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the US Department of State, in close cooperation with the US Centers for Disease Control and Prevention (CDC), repealed a recommendation to US citizens (introduced March 19) “to avoid any international travel due to the global impact of COVID-19.”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

Analysts have named the next global reserve of the currency

Chinese yuan in the next ten years could become the third global reserve currency after the dollar and euro. Such conclusion was reached by analysts of Morgan Stanley, writes CNBC. The growth of investment in the Chinese economy is called to be the reason for the increase in demand for the yuan. Currently, it accounts […]

Next
Booking Holdings and TripAdvisor experienced the worst quarterly losses
News

Skype begins to notify its owners on the raider attacks

Skype Limited company reported about additional service start within the Skype application of the same name. OpenDataBot is a program which is directed to monitoring of information of the entities state registry and operational informing owners on entering of any changes into the register. In other words: service is expected counteraction to raid. It is […]

Next
Booking Holdings and TripAdvisor experienced the worst quarterly losses
News

Telegram was obliged to pay $ 625 000 to the startup due to a conflict over the Gram trademark

The Northern District Court of California ordered Telegram to pay almost $ 625 000 in legal costs to the startup Lantah LLC. The company has a dispute with this startup over the Gram brand. In May 2018, Telegram filed a lawsuit against Lantah, accusing it of violating the rights to the Gram trademark. In June, […]

Next
Booking Holdings and TripAdvisor experienced the worst quarterly losses
News

Moody’s improves Outlook for the banking system of Ukraine

Moody’s improved the forecast for Ukraine’s banking system to stable from negative, according to the website of the credit Agency. Today, analysts’ opinions have changed. Experts believe that the work of Ukraine’s recovery after a deep recession in recent times has yielded results and stabilized the situation in the country. This conclusion is made in […]

Next
Booking Holdings and TripAdvisor experienced the worst quarterly losses
News

Arcelor Mittal will pay a fine of 72 million UAH

A metallurgical complex Arcelor Mittal (Kryvyi Rih) will be forced to pay a fine of 72 million UAH. It was decided by the Dnipropetrovsk Commercial Court of Appeal to satisfy the claim against the industrial complex in the case of exceeding the level of pollutant emissions into the atmosphere. The case was opened on the […]

Next
Booking Holdings and TripAdvisor experienced the worst quarterly losses
News

Odessa Port Plant to pass into the private ownership

On June 30, 2016 the State Property Fund of Ukraine (SPF) plans to launch tender for the privatization of the  99, 6% shares of one of the country’s largest manufacturers of chemical products – Odessa Port Plant. “Carrying out of competition for the sale of stock of shares with an open offer of cost on […]

Next
Booking Holdings and TripAdvisor experienced the worst quarterly losses
News

J&J reported about the strong quarter

Shares of Johnson & Johnson, which rose till 1.44% over the past week, on Tuesday closed with a decrease of 2.3%, despite on the publication of a better-than-expected Wall Street experts, a report for 3 fin. quarter. Investors are concerned about the potential consequences of ending the large-scale study of the J&J vaccine against COVID-19, […]

Next
Booking Holdings and TripAdvisor experienced the worst quarterly losses
News

The billionaire Naguib Sawiris wants to buy an island for refugees and for organization of this issue will create a special corporation

In September Egyptian billionaire Naguib Sawiris said in his twitter about of his thoughts of ??buying the island somewhere in Greece or in Italy, to settle migrants and refugees there. This proposal was very popular in twitter, so Sawiris, who is one of the ten richest people in Africa, whose fortune is estimated at $ […]

Next
Booking Holdings and TripAdvisor experienced the worst quarterly losses
News

General Motors introduced the concept of electric car

Automaker General Motors has introduced the Buick Electra Concept. The electric car is designed for four people and has a minimalist design. The car can travel more than 660 km without recharging. It takes 4.3 seconds to accelerate to 100 km / h. The total power of the two engines reaches to 583 horsepower. It […]

Next
Booking Holdings and TripAdvisor experienced the worst quarterly losses
News

Georgian investor bought a part of the Ukrainian pharmaceutical company

The Georgian Industrial Group purchased 25% of the Ukrainian pharmaceutical company, which is 70% owned by the state. Buyer of the is Luraq Investments Limited (Limassol, Cyprus), which is part of the Georgian Industrial Group (Georgian Industrial Group, GIG) bought the last 25% of the insulin producer “Indar”, PJSC (Kyiv). This information was published by […]

Next
Booking Holdings and TripAdvisor experienced the worst quarterly losses
News

BP’s net loss for the nine months was $ 21.7 billion

According to the company’s reports, the net loss of the British oil and gas giant BP Plc., which belongs to shareholders, for the nine months of 2020 amounted to $ 21.663 billion against profit a year ago. In terms of shares, the diluted loss of BP amounted to $ 1.07 against a profit of $ […]

Next
Booking Holdings and TripAdvisor experienced the worst quarterly losses
News

For what the companies of ex-Minister of ecology of Ukraine will pay fine?

Former Minister of Environment of Ukraine Mykola Zlochevskyi involved in the imposition of a fine, which is the Antimonopoly Committee of Ukraine filed on its affiliates due to the acquisition of control over the company Kub-Gas without permission to do it by ACU. The amount of punishment is 3.12 million UAH. The above information has […]

Next
Booking Holdings and TripAdvisor experienced the worst quarterly losses
News

There are no threats of visa-free travel with the EU, – Kuleba

Currently, there are no threats to Ukraine’s visa-free travel with the European Union. Required joint efforts of all political forces in Ukraine to continue the movement towards the EU. This was stated by the Minister of Foreign Affairs of Ukraine Dmytro Kuleba on the talk show “Freedom of Speech” on ICTV. According to him, there […]

Next
Booking Holdings and TripAdvisor experienced the worst quarterly losses
News

What officials e-declarations hide

According to UNIAN news agency, yesterday the National Anti-corruption Bureau of Ukraine (NACBU) opened three criminal cases concerning the facts of officials illegal enrichment. On the basis of information, specified in electronic declarations, 3 criminal proceedings are opened: 2 concern People’s Deputies of Ukraine, 1 concerns the representative of judicial authority. For the time being, […]

Next
Booking Holdings and TripAdvisor experienced the worst quarterly losses
Analytics

Sweden is a country with a dynamic economy

Everyone has heard about Sweden from childhood, as it was Stockholm where the well-known fairytale heroes The Kid and Carlson lived. Let’s add here favorite of all IKEA, the band ABBA, cars of Volvo and Scania, companies like Spotify, Ericsson, H&M, Electrolux and μTorrent – the vision of the nation is made up of pieces.  […]

Next
Booking Holdings and TripAdvisor experienced the worst quarterly losses
News

Austria and Germany to help Ukraine with forest reform soon

The tripartite international project will be directed to the implementation of woods full state accounting and maintaining the state forest inventory. Kristina Yushkevich,acting chairman of the State agency of forest resources, held a meeting with the Michael Kharms director of Committee of the East European economic relations (Germany) and the Mikael Sutter representative of environmental […]

Next
WP2Social Auto Publish Powered By : XYZScripts.com