Booking.com expects slowdown in bookings

The company expects room night bookings to slow in the current quarter as tensions in the Middle East dampen regional tourism

Booking Holdings said it expects growth of 4% to 6% in room-night bookings, less than the 7.4% increase analysts were expecting. Gross travel bookings which includes taxes and fees, should rise 3% to 5%, the company said, also missing Wall Street’s estimates for 7.9% growth.

Key takeaways

• Booking.com has greater exposure in Europe and the Middle East than rivals such as Expedia;
• The vast majority of Booking’s total revenue — 89% — is from non-US travel, with the Middle East, including Turkey and Egypt, making up about 7% of global room nights. Israel alone represented about 1% prior to the war;
• Following several blockbuster quarters reflecting a post-pandemic travel boom, online travel companies like Booking, Expedia and Airbnb Inc have cautioned that it will be difficult to top the strong performance during the comparable early 2023 travel season.

Get the full story at Bloomberg