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the US Department of State, in close cooperation with the US Centers for Disease Control and Prevention (CDC), repealed a recommendation to US citizens (introduced March 19) “to avoid any international travel due to the global impact of COVID-19.”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

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