Booking Shares Fall as Forecast Misses Estimates on Spending
- Greater marketing, advertising push for home-rental business
- Company discloses $2.8 billion generated by homes for rent
The Booking.com hotel reservations app.
Photographer: Jaap Arriens/NurPhoto via Getty ImagesThis article is for subscribers only.
Booking Holdings Inc. shares tumbled after it gave a forecast for profit in the current period that missed analysts’ estimates as the company spends more on marketing and advertising for its home-rental listings.
Earnings excluding some costs will be $10.90 to $11.20 a share in the first quarter, the company said Wednesday in a statement. Analysts projected $12.88 on average, according to data compiled by Bloomberg. The shares fell more than 9 percent in extended trading.