When the Covid-19 and economic crises hit, it was like the proverbial load of bricks landing on the travel industry. The share price of Booking Holdings Inc. (NASDAQ:BKNG), a broker of hotel, flight and other travel services, dropped dramatically; the pessimism of shareholders was confirmed when its first-quarter 2020 financial results were released:
- The value of first-quarter gross travel bookings fell 51% from a year earlier.
- A net loss of $699 million as compared with net income of $765 million the year before.
- On an earnings per share basis (diluted), it was minus $17.01 per share, compared to positive $16.85