Booking Holdings stock slips on earnings miss

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Booking Holdings Inc. shares declined in the extended session Thursday after the online travel site’s quarterly earnings fell short of Wall Street estimates as the travel industry was hit hard by the COVID-19 pandemic. Booking shares declined 2% after hours, following a 4.7% rise in the regular session to close at $1,443.91. The company reported a first-quarter loss of $699 million, or $17.01 a share, compared with net income of $765 million, or $16.85 a share, in the year-ago period. Adjusted earnings were $3.77 a share, compared with $11.17 a share in the year-ago period. Revenue declined to $2.29 billion from $2.84 billion in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of $5.61 a share on revenue of $2.22 billion. “The COVID-19 pandemic has profoundly impacted our company and the entire travel industry. We have taken immediate steps to stabilize the company by reducing costs and bolstering our liquidity position,” said Glenn Fogel, Booking chief executive, in a statement. “Looking forward, due to the value of our platform, our highly variable cost structure and strong liquidity, I am confident that we will emerge from this crisis in a position of strength that will allow us to extend our leadership role in the industry.”Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.