US travel metasearch engine Booking.com misses profit as tourism industry in tatters


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US travel metasearch engine Booking.com misses profit as tourism industry in tatters

Late on Thursday, the 7th of May 2020, the United States-based travel metasearch engine provider, Booking.com having over 28 million listings, had released its first quarterly earnings’ report, operational profit of which on an adjusted basis had been hit with a heavy whiplash of 69 per cent, insanely missing Wall St.

estimates as the ongoing global-scale pandemic outbreak had been inflicting deeper wounds in to tourism and travel industry. As a matter of fact, tourism and travel industry had been the heaviest hit thus far in the pandemic outbreak which had forced more than 200 hundred nations across the globe to ground all non-essential flights and travels, eventually leaving the aviation and tourism industry with a tempestuous outlook.

Meanwhile, as the operators of Booking.com, headquartered in Amsterdam, had unfurled a quarterly plunge of 19 per cent in revenues over the first quarter of the year that ended on March 31st to $2.29 billion, compared to the same time a year earlier, Booking.com Chief Executive Glenn Fogel said in a post-earnings’ statement late on Thursday (May 7th), “The COVID-19 pandemic has profoundly impacted our company and the entire travel industry.

” Besides, followed by the release of Booking.com’s first quarterly earnings’ report, Nasdaq-listed shares of Booking Holdings Inc. nosedived as much as 4.77 per cent on Friday’s (May 8th) pre-market trading, however, were trading 1.99 per cent lower to $1,415.23 during preparation of the report on late-afternoon US trading hours.