Online travel agency Booking Holdings' Q3 revenue beats estimates on higher gross bookings

Overview

• Booking Holdings Q3 revenue hits $9 bln, beating analyst expectations

• Adjusted EPS for Q3 at $99.5, surpassing consensus estimates

• Net income for Q3 was $2.7 bln, no analyst estimates provided

Outlook

• Company did not provide specific future guidance in its press release

Result Drivers

• ROOM NIGHTS INCREASE - Co reports room nights booked rose 7% from prior-year qtr

• GROSS TRAVEL BOOKINGS - Gross travel bookings increased 4% from prior-year qtr, contributing to revenue growth

• STRATEGIC INITIATIVES - CEO Glenn Fogel mentions focus on strategic initiatives and cost efficiency

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 28 "strong buy" or "buy", 13 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the leisure & recreation peer group is "buy"

• Wall Street's median 12-month price target for Booking Holdings Inc is $6,100.00, about 13.9% above its October 27 closing price of $5,254.40

• The stock recently traded at 21 times the next 12-month earnings vs. a P/E of 25 three months ago

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