NORWALK, Conn. (AP) — NORWALK, Conn. (AP) — Booking Holdings Inc. (BKNG) on Tuesday reported first-quarter profit of $1.08 billion.
The Norwalk, Connecticut-based company said it had net income of $1.36 per share. Earnings, adjusted for one-time gains and costs, came to $1.14 per share.
The results topped Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $1.10 per share.
The online booking service posted revenue of $5.53 billion in the period, also exceeding Street forecasts. Seven analysts surveyed by Zacks expected $5.5 billion.
Booking Holdings shares have decreased 18% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $175.70, a drop of 10% in the last 12 months.
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