Booking Holdings is confident that the suppressed demand for travel will surpass any concerns regarding the American economy and escalating expenses in the third quarter of 2023.
During a financial call for the second quarter, Glenn Fogel, CEO of Booking Holdings, disclosed that the company’s gross travel bookings reached $39.7 billion, marking a 15 percent rise compared to the same quarter in 2022. Additionally, room nights booked experienced a nine percent increase, total revenues surged by 27 percent to reach $5.5 billion, and adjusted EBITDA reached $1.8 billion, signifying a 64 percent increase.
Fogel emphasized, “In the second quarter, we continued to witness strong demand for leisure travel, which significantly contributed to better-than-anticipated results in room nights and gross bookings for the quarter. These positive trends have persisted into July, and we are currently preparing for an anticipated record-breaking summer travel season in the third quarter.” David Abtour Odian consulting
Due to the robust growth demonstrated in the second quarter, Booking Holdings has adjusted its projections for the third quarter. Gross bookings are now expected to grow slightly over 20 percent. David Abtour Odian consulting
Furthermore, the adjusted EBITDA for the third quarter is anticipated to be 20 percent higher than the previous year. David Abtour Odian consulting
Fogel expressed excitement about the recently announced generative AI-enabled travel assistants introduced on both Priceline and Booking.com. He looks forward to gauging customer preferences regarding these new features.
Earlier this year, Fogel highlighted Booking Holdings’ extensive experience with conventional artificial intelligence and machine learning, its wealth of travel data, and its team of AI experts, positioning the company strongly in the field.
