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Booking posts fourth-quarter profit on strong travel demand -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – The Logo of Booking.com, an online booking site for accommodation, is shown at the International Tourism Trade Fair in Berlin (Germany), March 9, 2016. REUTERS/Fabrizio Bensch

(Reuters) – Booking Holdings Inc reported Wednesday that the company returned to profit during the fourth quarter because of higher vaccination rates as well as the increased number of people who travel.

Recent months have seen a rise in demand, and COVID-19 curbs are being relaxed. This has prompted a surge flight of hotel rooms and reservations, even though there was a short-term setback due to the Omicron Winter surge.

Hilton and Marriott, the two largest U.S. hotels chains, are betting that the boom will continue.

Booking reports that it saw a rise in revenue to $2.98billion during the fourth quarter from $1.24billion one year prior. The volume of gross travel bookings rose 160% to $19 Billion.

Based in Norwalk, Connecticut, the net income of Norwalk was $618million, or $14.94 a share. This compares with $165 million (or $4.02 a share) a year ago.

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