Travellers booked trips longer in advance than they did during the epidemic, according to online travel service Booking Holdings Inc., which said it established a new record for monthly room night bookings in January.
Despite economic worries, travel companies, including Booking's rival Airbnb Inc., have posted solid fourth-quarter results on sustained travel demand.
According to Refinitiv statistics, the Booking.com and KAYAK operator's quarterly revenue increased by 36% year over year to $4 billion, topping Wall Street's forecast of $3.89 billion.
According to the firm, gross bookings for the quarter increased by 44% from the same period last year to $27.3 billion.
In late trade, shares increased 0.73 percent.
Glenn Fogel, chief executive officer of Booking, stated, "We are encouraged by the sustained strength and resiliency of demand from passengers last year and into the new year, which we feel testifies to our consumers' strong willingness to utilize our platforms when booking their trip.
According to David Goulden, chief financial officer at Booking Holdings, the company booked over 95 million room nights in January 2023, up 10 million room nights from the previous high set in May 2022.
According to Booking Holdings, gross travel bookings rose by 58% to $121.3 billion in the fiscal year 2022. During the entire year, total revenues rose by 56% to $17.1 billion.
Monthly trends can be unpredictable, and we are aware that the direction the global economy will take in the future is uncertain, according to Fogel.