Shares of Bookings Holdings (BKNG) , formerly Priceline, were rising after-hours on Thursday despite the company posting earnings and revenue that missed expectations.
Shares were recently rising 3.1% to $1,806.00 a share in postmarket trading but they initially wavered between gains and losses after the release of the earnings report. The shares fell 0.89% in regular hours.
Earnings per share for the first quarter of 2019 came in at an adjusted $11.17, short of Wall Street's estimates of $11.33. EPS fell 7% year-over-year. Revenue was $2.84 billion, missing analyst's expectations of $2.93 billion. Revenue fell 3.1% year-over-year. Gross travel bookings value was $25.4 billion, an increase of 2%, and beating analyst's estimates of $25.31 billion.
"Q1 was a solid start to the year," said Glenn Fogel, CEO of Booking Holdings. "We recorded 217 million room nights booked in the quarter, which is up 10% year-over-year. We continue to execute against a very large market opportunity and will manage our business with a long-term view in order to capture it."
Management guided for second quarter gross bookings growth of between -1% and 1%, revenue growth of between 5% and 7%, and adjusted EPS of between $22.15 and $22.60. At the midpoint, that adjusted EPS guidance was slightly below analysts estimates of $22.45.