Booking Holdings Inc. on Thursday reported fourth-quarter results that beat Wall Street estimates, and its CEO said the company brought in record revenue for 2022.
“We generated our highest-ever level of revenue of $17 billion in the year,” Booking
BKNG,
Chief Executive Glenn Fogel said in a news release. “We are encouraged by the continued strength and resiliency of demand from travelers last year and into the new year.”
The travel-booking company, whose brands include Booking.com, Priceline and Kayak, said gross travel bookings were $27.3 billion, beating the $26.25 billion expected by analysts. Room nights booked rose to 211 million year over year, about even with the 210.9 million analysts expected.
Booking shares fell as much as 2% after hours, after ending the regular session slightly lower to close at $2,426.49.
The company reported fourth-quarter net income of $1.23 billion, or $31.92 a share, compared with $618 million, or $15.05 a share, in the year-ago period. Adjusted for amortization, and losses on sales and investments, earnings were $24.74 a share. Revenue rose to $4 billion from nearly $3 billion in the year-ago quarter.
Analysts surveyed by FactSet had forecast adjusted earnings of $22.01 a share on revenue of $3.9 billion.
For the full year, Booking reported net income of $3.06 billion, or $76.35 a share, compared with $1.17 billion the previous year. Revenue rose to a record $17.1 billion, compared with nearly $11 billion in 2021. Analysts had expected earnings of $2.64 billion, or an adjusted $97.26 a share, on $16.94 billion in revenue.
Shares of Booking have climbed 21% year to date, while the S&P 500 index
SPX,
is up about 4% so far this year.
