Booking Holdings exceeded Wall Street expectations for the first quarter. The company reported adjusted earnings of $1.14 per share. Revenue reached $5.53 billion, marking a 16% year-over-year increase. Gross bookings grew by 15% during the period. The Middle East conflict reduced room night growth by an estimated 2 percentage points.
Management lowered financial guidance for the second quarter and the full year. The company now expects full-year revenue growth in the high-single-digit range. Previous forecasts predicted low-double-digit growth for the year. Second-quarter revenue growth is projected between 4% and 6%. Analysts had previously estimated second-quarter growth of approximately 11%.
Booking Holdings shares declined in after-hours trading following the announcement. The lowered outlook overshadowed the company's better-than-expected first-quarter results.