(Reuters) – Online travel agency Booking Holdings Inc posted an increase in quarterly revenue on Wednesday, as a surge in bookings amid a strong summer travel demand delivered a faster-than-expected recovery.
Pandemic-weary travelers resumed regular activities including vacations, with rising air fares and hotel tariffs did little to dampen consumers’ appetite, and spending shifted to hospitality, entertainment and travel from electronics and apparel.
The Norwalk, Connecticut-based company recorded a net profit of $857 million, or $21.07 per share, in the reported quarter, compared with a loss of $167 million, or $4.08 per share, a year earlier.
Gross travel bookings rose 57% from a year earlier to $34.5 billion in the quarter.
Revenue for the quarter ended June 30 rose to $4.29 billion from $2.16 billion a year earlier.
(Reporting by Aishwarya Nair in Bengaluru; Editing by Krishna Chandra Eluri)
