(Reuters) – Online travel agency Booking Holdings beat analysts’ expectations for third-quarter profit and revenue on Wednesday, as resilient demand for international travel offset the weakness in domestic travel in the U.S. and China.
Shares of the company rose 4.3% after the bell.
International travel demand in Europe and many Asian countries has remained steady, making up for the domestic travel slump in the U.S. and China as consumer spending falls amid macroeconomic difficulties.
“We are pleased to report third-quarter room night growth of 8%, which exceeded our prior expectations, driven primarily by stronger performance in Europe,” said CEO, Glenn Fogel.
Total room nights for Booking came in at 299 million nights in the quarter, an increase of 8.1% compared to last year. It posted third-quarter gross bookings of $43.4 billion, up 9% from the year-ago quarter.
The Norwalk, Connecticut-based company reported a quarterly adjusted profit of $83.89 per share, compared with analysts’ estimates of $77.52 per share.
Total revenue for the quarter ended Sept. 30 was $7.99 billion, up 9% from a year earlier. Analysts, on average, were expecting revenue of $7.63 billion in the third quarter, according to data compiled by LSEG.
(Reporting by Aishwarya Jain; editing by Alan Barona)
