Booking Holdings Inc. (NASDAQ: BKNG) on Tuesday announced better-than-expected fourth quarter earnings, sending its share up more than 7 percent.
The travel giant said gross travel bookings rose 19 percent to $18 billion in the fourth quarter, compared with $15.1 billion a year earlier.
Excluding certain items, the company earned $836 million, or $16.86 per share, in the fourth quarter, beating analysts’ estimates of $16.86 per share.
Last week, the company announced to change its name to Booking Holdings from Priceline Group. The company CEO Glenn Fogel Said the name change aims to help people to have a better awareness of company’s growing portfolio of brands.
Booking Holdings shares jump as much as 7.78 percent to $2,052.18 during Wednesday’s trading session.
"Booking Holdings finished 2017 with a strong 4th quarter, reporting year-over-year growth in room nights booked of 17% and Adjusted EBITDA growth of 23%," said Glenn Fogel, Chief Executive Officer of Booking Holdings. "We are pleased with the solid execution across all of our brands in 2017 as we moved ahead on important investments in the year while driving strong top-line growth."
For the first quarter of 2018, the company now expects profit of $10 to 10.4 per share.