(Reuters) – Booking Holdings Inc said on Wednesday it returned to a profit in the fourth quarter as higher vaccination rates and the holiday season encouraged more people to travel.
Pent-up demand and easing COVID-19 curbs have in recent months sparked a surge flight and hotel room reservations despite a temporary setback from the winter surge of the Omicron variant.
Betting on the boom, Marriott and Hilton – two of the biggest U.S. hotel chains – have predicted people will resume packing their bags for business and leisure this year at rates not seen since before the pandemic.
Booking said its revenue rose to $2.98 billion in the fourth quarter, from $1.24 billion a year earlier. Gross travel bookings soared 160% to $19 billion.
The Norwalk, Connecticut-based company’s net income was $618 million, or $14.94 per share, in the three months to Dec. 31, compared with a loss of $165 million, or $4.02 per share, a year ago.
(Reporting by Kannaki Deka in Bengaluru; Editing by Aditya Soni)
