Booking Holdings reports quarterly record for gross bookings of $27B

Reserve credits recorded $27.3 billion in gross travel bookings in the first quarter of this year, a 129% increase from the first quarter of 2021 and the highest quarterly amount in company history.

Booked nights in the first quarter doubled from a year earlier, from 99 million in the first quarter of 2021 to 198 million in the first quarter of this year.

“Despite an uncertain macro environment, we have seen continued strengthening in global travel trends so far in the second quarter of 2022, and we are preparing for a busy summer season ahead,” said Glenn Fogel, CEO of Booking. Holdings.

“I am encouraged by the quality of our teams’ execution to capture travel demand in this recovery environment and by our progress in expanding our payment platform on Booking.com as we strive to achieve our vision of “connected travel”.

Booking Holdings’ total revenue in the first quarter of 2022 was $2.7 billion, a 136% year-over-year increase. Adjusted EBITDA in the first quarter of 2022 was $310 million, compared to an Adjusted EBITDA loss of $195 million in the first quarter of 2021.

Net loss for the quarter was $700 million, compared to a net loss of $55 million in the first quarter of 2021. The company says this year’s figure includes net losses of $987 million “on equity securities whose fair value is readily determinable while the results for the first quarter of 2021 include net gains of $32 million on equity securities whose fair value is readily determinable.

First-quarter marketing spend jumped significantly year-over-year, from $461 million in 2021 to $1.15 billion in the first three months of this year.