By Adriano Marchese
Booking Holdings Inc. on Wednesday reported a much-narrowed loss in the first quarter, despite a fall in revenue in the period.
The travel technology company said loss per share was $1.34, compared with a loss of $17.01 in the comparable quarter a year ago.
Net loss was $55 million, compared with $699 million a year ago. The company said that the results for this quarter include net gains on marketable equity securities of $32 million while the results for the first quarter of the prior year include net losses on marketable equity securities of $307 million.
Adjusted loss was $5.26 a share, beating analyst forecasts, polled on FactSet, anticipating a loss of $5.97.
Revenue fell to $1.14 billion from $2.29 billion.
“We saw encouraging signs of improving booking trends in the first quarter that continued into April with notable strength in the U.S.,” Chief Executive Officer Glenn Fogel said.
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