By Christiana Sciaudone
Investing.com -- Marriott slipped 3% as revenue fell short for the first quarter.
Sales of $2.32 billion compared to the expected $2.38 billion, though profit of 10 cents beat the estimated 4 cents, according to data compiled by Investing.com.
Mainland China revenue reached 66% in March, almost the same as in March 2019, with demand seen from both international and business travelers. The U.S. has also seen a bump in demand as vaccine rollouts have accelerated, the company said in a statement.
“As vaccines roll out around the world and government restrictions ease, I am optimistic that demand will continue to strengthen," said Chief Executive Officer Tony Capuano in a statement. "We have seen signs that there is a significant amount of pent-up demand, regardless of trip purpose, and we look forward to welcoming travelers in increasing numbers to our more than 7,600 properties around the world.”
Like so many industries, the hotel sector saw demand plummet as travel screeched to a halt over a year ago when measures against COVID-19 kept us locked down at home. Shares of Marriott tumbled as a result, alongside earnings that are half of what they were a year ago.
The market in general may not have cared for the results, but Stifel bumped the price target to $140 from $120, maintaining a hold, StreetInsider reported.