Booking Holdings sees record current-quarter revenue on busy summer travel

(Reuters) -Online travel agency Booking Holdings Inc expects record current-quarter revenue on the back of a busy summer travel season as rising air fares and hotel tariffs did little to dampen consumers’ appetite.

Easing restrictions and pent-up desire for travel accelerated demand for hospitality as travelers resumed taking vacations, driving prices for hotel rooms higher.

“Looking forward, we expect record third-quarter revenue and are very busy working with our customers and partners to help enable an extremely busy summer travel season,” said Booking Chief Executive Officer Glenn Fogel.

Shares of the company rose 4% to $2,050.30 after it reported a better-than-expected quarterly profit.

The shift in consumer spending towards hospitality, entertainment and travel from electronics and apparel helped the Norwalk, Connecticut-based company to report a 57% increase in gross travel bookings.

Revenue for the quarter ended June 30 rose to $4.29 billion, but missed analysts’ estimate of $4.32 billion, according to Refinitiv IBES.

Excluding items, profit was $776 million, or $19.08 per share, beating estimates of $17.57 per share.

(Reporting by Aishwarya Nair in Bengaluru; Editing by Krishna Chandra Eluri)