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Booking Shares Slide After Results Show Lingering Covid Effects

  • Investors look past pandemic with Wednesday shares at record
  • CEO says he’s ‘started to see some improvements’ recently
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Booking Holdings Inc. the world’s biggest online travel agency, reported a 63% drop in sales in the fourth quarter reflecting a surge in Covid-19 cases and new lockdowns that weighed on the industry. The shares fell as much as 6.2% Thursday after closing at a record high on Wednesday.

Sales plunged from a year earlier to $1.2 billion, in line with analysts average projection. Room-night reservations dropped 60% compared with a year earlier, the Norwalk, Connecticut-based company said in the statement. Gross travel bookings, which reflect all travel services booked by customers, fell 65% to $7.3 billion during the period.