The following is a summary of the Booking Holdings Inc. (BKNG) Q1 2024 Earnings Call Transcript:
Financial Performance:
Booking Holdings reported a Q1 revenue growth of 17% year-over-year to $4.4 billion.
Room nights on their platform grew at 9% year-over-year, recording nearly 300 million bookings.
There was a considerable increase in adjusted EBITDA and adjusted earnings per share by 53% and 76% year-over-year respectively, indicating improved profit levels.
Business Progress:
The company noted a rise in repeat travellers and average trips booked per traveller, with an increase in bookings made directly through the company.
The company recorded growth from rental cars and attractions bookings, which indicates higher engagement with their app.
The focus remains on enhancing and expanding offerings to travellers and supplier partners to foster increased loyalty.
High single-digit growth was reported in Europe, mid-teens growth in Asia, and low single-digit growth in the U.S for Q1 2024. These figures surpassed the company's expectations, specifically in Europe.
The company aims to boost its presence in the U.S, especially within the alternative accommodations market segment, and plans to continue the expansion of its 'Genius' loyalty program.
Investment strategies involve significant capital investments, data quality, and strategic expansion in multiple verticals to provide traditional and alternative accommodations on a single platform.
More details: Booking Holdings IR
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