Booking Holdings takes $1 billion hit to third-quarter results linked to FTC action
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- ✓Booking Holdings took a $1 billion hit to its third-quarter results linked to FTC action.
- ✓The company said global travel demand moderated toward the end of the quarter.
- ✓Shares fell 1.8% in extended trading after revenue reached $8.89 billion.
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- BUSINESS
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- Reuters
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- 2 Minute(s)
- Market Focus
- India Economy
As a result, the online travel agency's third-quarter revenue declined 1% year-over-year. Shares of the company were down 1.8% in extended trading.
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Booking disclosed in August that the FTC was considering suing Priceline and an affiliate over disclosures, fees, customer support and billing practices.
The FTC had been investigating Priceline's relationship with Guest Reservations, a third-party website that advertises stays at specific hotels. The company previously said it was in talks with the FTC to resolve the matter.
The agency was considering whether Guest Reservations' websites, which often charge higher prices and fees for hotel rooms, violate a rule against impersonating other businesses, along with other potential violations regarding fees.
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Reuters
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