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Booking Holdings Stock: Loss Widens, Revenue Triples

Booking Holdings, the specialist in online travel and related services, swung to a wider-than-expected second-quarter net loss as revenue tripled.
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Booking Holdings  (BKNG) - Get Booking Holdings Inc. Report, the specialist in online travel and related services, swung to a wider-than-expected second-quarter net loss as revenue tripled.

The Norwalk, Conn., company reported a loss of $4.08 a share, compared with a profit of $2.97 a share in the year-earlier quarter. The latest adjusted loss was $2.55 a share.

Revenue reached $2.16 billion from $630 million.

A survey of analysts by FactSet produced consensus estimates of a GAAP net loss of $3.35 a share, or an adjusted loss of $2.06 a share, on revenue of $1 88 billion.

At last check Booking Holdings shares were trading 2.5% higher at $2,137. They closed regular trading on Wednesday down 2.5% at $2,064.

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The results reflect a year and a half of pandemic, which has devastated the travel-and-leisure industry. Travel has been picking up -- but the delta variant of COVID-19 has recently thrown a newly forged wrench into the works.

"We are encouraged by another quarter of meaningful sequential improvement in booking trends," Chief Executive Glenn Fogel said in a statement. "Room nights [increased] 59% versus the first quarter of 2021, primarily driven by stronger results in Europe and in the U.S.," 

Booking Holdings operates a number of consumer brands, including booking.com, Priceline, Kayak and OpenTable, among others.

In late June, OpenTable, which connects diners with restaurants, introduced an initiative called "Show Up for Restaurants."

As restaurants reopen and recover from the pandemic, OpenTable is urging diners who make reservations to either keep them or cancel them if they aren't going to show up. 

Ghosting instead of canceling reservations causes substantial financial harm to these businesses, OpenTable says. The initiative also includes a suite of tools that restaurants can use to combat no-shows.