Booking Holdings today reported its 3rd quarter 2020 financial results. Third quarter gross travel bookings for Booking Holdings Inc. which refers to the total dollar value, generally inclusive of taxes and fees, of all travel services booked by its customers, net of cancellations, were USD 13.4 billion, a decrease of 47% over a year ago (approximately a 48% decrease on a constant-currency basis). Room nights booked in the 3rd quarter decreased 43% over a year ago.
The Company's results for the three and nine months ended September 30, 2020 have been significantly and negatively impacted due to the COVID-19 pandemic and the resulting economic conditions and government orders.
Booking Holdings' total revenues for the 3rd quarter of 2020 were USD 2.6 billion, a 48% decrease from the prior year (approximately a 49% decrease on a constant-currency basis). Net income in the 3rd quarter of 2020 was USD 801 million, a 59% decrease as compared to the prior year. Net income for the 3rd quarter of 2020 includes an unrealized gain on marketable equity securities of USD 730 million.
Adjusted EBITDA for the 3rd quarter of 2020 was USD 1.0 billion, a 60% decrease as compared to the prior year.
"We were pleased to see positive third quarter results, which we believe benefited greatly from some lifting of government lock-downs and the release of pent-up demand created by the almost complete cessation of travel during parts of the second quarter,” said Glenn Fogel, Chief Executive Officer of Booking Holdings.
“However,” Mr. Fogel continued, “COVID-19 case counts are now rising steeply in many parts of the world with corresponding increases in lock-downs and re-imposed travel restrictions that will continue to impact travel in the near-term.
Nevertheless, we remain confident in a long-term recovery and will continue to invest in our company to ensure that when the pandemic recedes and travel demand returns fully, we are prepared to take advantage of it."
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