- Booking Holdings Inc (NASDAQ:BKNG), owner of Booking.com, Rentalcars.com and other online travel reservation services reported Q4 and full year results for 2020 last night, after US markets closed.
- With the Covid pandemic impacting on traveller activities around the world, markets were expecting sharp declines in revenues and profits, which Booking duly served up.
- For the full year the value of customer bookings was $35.4bn, 63% lower than the year before.
- Net income of $194m was 96% below the 2019 level.
- Patterns in Q4 were broadly similar, with revenues down 63% and the group slumping to a quarterly loss of $23m compared to income of almost $1bn in the final quarter of 2019.
Booking Holdings Stock Hitting New Highs
Steve Clayton, Fund Manager of the HL Select funds said:
“Markets look forwards, not back, and Booking Holdings stock has been hitting new all-time highs in the run-up to these numbers, despite 2020 having been a traumatic year for the travel sector.
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The company’s position in its markets looks to be ever stronger, with the group faring far better than many rivals. Investors knew the numbers would be pretty ugly; in the end they were a shade better than feared.
More importantly CEO Glenn Fogel is talking about signs of improvement becoming visible in recent weeks. Booking.com can’t cure a pandemic, but they have the financial strength to be sure of being there, ready when business people and holidaymakers start packing their bags once more. With vaccination programmes rolling out, that day is surely getting closer. “
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