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Earnings Results: Booking profit more than doubles, beating expectations; stock rises

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Booking Holdings Inc. stock rose sharply in extended trading on Wednesday as the company’s third-quarter profit more than doubled and its results beat Wall Street expectations across the board.

Booking
BKNG,
-5.89%

shares rose more than 4.5% after hours, after falling nearly 6% in the regular session to close at $1,778.18. 

The travel-booking company, whose brands include Priceline, Kayak and Booking.com, reported that gross travel bookings for the third quarter were $32.1 billion, up 36% from the year-ago period. That exceeded analysts’ expectation of $30.48 billion in gross bookings. Room nights booked were 240 million, beating analysts’ expectation of 232.8 million.

“I am encouraged by the strong results we are reporting today, including the highest amount of quarterly revenue and adjusted Ebitda ever for our company,” Chief Executive Glenn Fogel said in a statement.

The company reported third-quarter net income of $1.67 billion, or $41.98 a share, compared with $769 million, or $18.60 a share, in the year-ago period. Adjusted for losses from investments and unrecognized tax benefits, earnings were $53.03 a share. Revenue rose to $6 billion from $4.67 billion in the year-ago quarter.

Adjusted earnings before interest, taxes, depreciation and amortization was $2.7 billion, up 26% year over year.

Analysts surveyed by FactSet had forecast adjusted earnings of $49.52 a share on revenue of $5.92 billion.

Analysts are forecasting fourth-quarter earnings of $22.79 a share on revenue of $3.9 billion.

Shares of Booking have declined almost 26% so far this year, while the S&P 500 index
SPX,
-2.50%

has fallen about 21% year to date.

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