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5/5, 10:07 PM (Source: TeleTrader)
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Booking's Q1 revenue drops 50% to $1.1B

Booking Holdings Inc. announced on Wednesday the company's total revenues in the first quarter of 2021 landed at $1.1 billion, a 50% decrease on the year given the significant impact of the coronavirus pandemic on business. Meanwhile, the company reported a net loss of $55 million during the same period compared with a net loss of $699 million in the same quarter a year earlier.

"We saw encouraging signs of improving booking trends in the first quarter that continued into April with notable strength in the US. While we expect there will be continued volatility in the recovery of global travel demand, our teams across Booking Holdings will continue their hard work to strengthen the positioning of our company and execute against our key strategic priorities," CEO Glenn Fogel said.

Shares of Booking were down 1.89% to $2,337.92 in after-hours trading following the update.

Breaking the News / JC