Investing.com - Travel company Booking on Wednesday reported better-than-expected fourth-quarter results, but its guidance fell short of estimates amid concerns about the coronavirus' impact on travel demand.
Shares fell 2.3% postmarket.
"While the outlook for global travel in the near term is uncertain due to the coronavirus, we will manage the business appropriately to enhance long-term value for our stakeholders," CEO Glenn Fogel said in a statement. "The coronavirus has had a significant and negative impact across our business during the first quarter. It is not possible to predict where, and to what degree, outbreaks of the coronavirus will disrupt travel patterns."
Booking (NASDAQ:BKNG) forecasts first-quarter revenue within a range of $2.64 billion to $2.75 billion, adjusted earnings (EBITDA) in a range of $560 million to $590 million, compared with consensus estimates for revenue of $2.98 billion and EBITDA of $722 million.
Booking announced earnings per share of $23.30 on revenue of $3.34 billion. Analysts polled by Investing.com anticipated EPS of $22.03 on revenue of $3.29 billion. That compared with EPS of $22.49 on revenue of $3.21 billion in the same period a year before. Booking (NASDAQ:BKNG) had reported EPS of $45.36 on revenue of $5.04 billion in the previous quarter.
Profit for the quarter was supported by better-than-expected room nights growth,
Room nights were up 11.8%, topping consensus estimates of 9.5%, with rental car days 11.9% higher and Airline tickets up 11.3% on a unit basis.
Booking shares are down 18% from the beginning of the year , still down 19.61% from its 52 week high of $2,094.00 set on January 10. They are under-performing the Nasdaq which is down 0.65% year to date.
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