Read original story here
Priceline Group‘s second-quarter results beat expectations, despite recent terrorist attacks and political instability in Europe, as well as competition from major hotel chains and their direct booking incentives.
Customers booked 141 million room nights with Priceline in the second quarter, up 24% YoY.
Consolidated gross bookings accounted for $17.9 billion dollars.
Priceline cited the “remarkable accomplishment” of Booking.com which now has one million properties on its platform, an increase of 30% over last year and nearly double what it had two years ago.
Booking.com reached another milestone in the second quarter as it surpassed one million reservations in one day on its website.
Boyd said the recent efforts from major hotel chains such as Hilton and Marriott to get customers to book direct by offering discounted rates was just another tactic that hotels have utilized against OTAs over the years, likening the discounts to the substantial investments hotels have made with their own booking engines.
Given the volatile political climate abroad, Priceline said certain markets such as Turkey and France have been impaired but that demand for other markets such as Ireland, Germany, Portugal, and Spain have been strong. Priceline said that Britain’s exit from the EU also did not significantly impact their earnings one way or another.