5 Latest Earnings That Surprised Wall Street

1. Booking Holdings Inc. (NASDAQ:BKNG)

Number of Hedge Fund Holders: 93

Booking Holdings Inc. (NASDAQ:BKNG) recently posted impressive financial results for the third quarter. The travel technology company reported adjusted earnings of $53.03 per share, representing a massive jump of 41 percent over the same period last year.

In addition, Booking Holdings Inc. (NASDAQ:BKNG) generated revenue of $6.1 billion, up 29 percent on a year-over-year basis and well ahead of the consensus of $5.92 billion. Gross travel bookings for the quarter also climbed 36 percent to $32.1 billion, beating expectations of $30.48 billion.

Separately, Booking Holdings Inc. (NASDAQ:BKNG) also appeared in the third-quarter 2022 investor letter of investment management firm RiverPark Funds. Here’s what the firm said:

“We also bought back a small position in Booking Holdings during the quarter. Booking is the world’s leader in online travel, operating in 200 countries with brands including Booking.com, priceline.com, agoda.com, Kayak, Rentalcars.com and OpenTable. The company has been a dominant on-line travel agency for more than a decade with a high margin business model (40% EBITDA margin for 2019 and 28% for 2021) that requires limited capital expenditures, typically less than 3% of revenue, producing $4.5 billion free cash flow for 2019 and $2.5 billion for 2021 (due to the vast COVID disruption). The company has used its free cash flow for episodic acquisitions as well as to return cash to shareholders. BKNG is well positioned in travel as the largest player in online lodging bookings and the second largest player in alternative accommodations. Like all travel companies, Booking was hit hard by the pandemic, but with its high international exposure, we expect the company’s recovery to be equally strong as travel returns.”

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