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Booking Holdings Posts Adj. Loss In Q2; Non-GAAP Revenues Down 83%

Booking Holdings Inc. (BKNG) reported a second quarter non GAAP net loss per share of $10.81 compared to profit of $23.59, prior year. On average, 28 analysts polled by Thomson Reuters expected the company to report a loss per share of $11.70, for the quarter. Analysts' estimates typically exclude special items. The company noted that its results have been significantly and negatively impacted due to the COVID-19 pandemic.

Second quarter non-GAAP total revenues were $630 million, an 83% decrease as compared to the prior year (approximately an 83% decrease on a constant currency basis). Analysts expected revenue of $569.31 million for the quarter. Gross travel bookings, net of cancellations, were $2.3 billion, a decrease of 91% over a year ago (approximately a 91% decrease on a constant-currency basis).

"We faced a challenging second quarter and continue to face challenges due to the impact of the COVID-19 pandemic on travel demand. However, we have witnessed improvement in booking trends since April, which is encouraging" said Glenn Fogel, CEO of Booking Holdings.

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