(Reuters) -Online travel agency Booking Holdings Inc reported a smaller-than-expected quarterly loss on Wednesday as increasing COVID-19 vaccination rates made people feel confident about traveling again.
As the health crisis eases, pent-up demand and stimulus checks are expected to aid in a travel recovery this year, with the United States heading for its strongest economic growth in nearly 40 years.
“We saw encouraging signs of improving booking trends in the first quarter that continued into April with notable strength in the U.S.,” said Chief Executive Officer Glenn Fogel.
First-quarter gross travel bookings fell 4% to $11.9 billion, while room nights booked decreased 20% from the prior year.
Excluding items, the company lost $5.26 per share, compared with analysts’ estimates of a $5.87 loss per share, according to Refinitiv data.
Net loss was $55 million, or $1.34 per share, in the three months ended March 31, compared with a loss of $699 million, or $17.01 per share, a year earlier.
Total revenue fell 50% to $1.14 billion, missing estimates of $1.17 billion.
(Reporting by Sanjana Shivdas in Bengaluru; Editing by Devika Syamnath)
