Summary by Futu AI
Booking Holdings reported strong Q2 2024 results with total revenues increasing 7% year-over-year to $5.86 billion, driven by a 7% rise in room nights to 287 million. Merchant revenues grew 24% to $3.45 billion while agency revenues declined 12% to $2.14 billion, reflecting the ongoing shift to merchant bookings which reached 62% of total gross bookings.Operating income rose 11% to $1.86 billion despite higher marketing expenses of $1.94 billion, up 8% YoY. The company maintained marketing efficiency with performance marketing expenses as a percentage of gross bookings in line with prior year, benefiting from increased direct bookings. Personnel expenses grew 7% to $807 million due to a 5% increase in headcount to 24,150 employees.Looking ahead, Booking Holdings expects Q3 2024 room nights growth of 3-5% YoY with gross bookings increasing 2-4%. For full year 2024, the company projects gross bookings growth above 6% and revenue growth exceeding 7%. The Board declared a quarterly dividend of $8.75 per share payable September 30, 2024, while maintaining its share repurchase program with $10.6 billion remaining authorization.
