The Federal Trade Commission's investigation into subsidiary Priceline and its partner site Guest Reservations triggered a substantial quarterly top-line reduction and an accrued loss. The agency previously considered a lawsuit focused on deceptive hotel advertisements, customer support shortcomings, and fee disclosures. However, even with total quarterly revenue slipping 1 percent year-over-year to $8.89 billion, Booking Holdings increased its earnings per share to $4.66.
Key points
Profit per share rose to $4.66 from $3.98 despite the regulatory penalty impacting overal…: Profit per share rose to $4.66 from $3.98 despite the regulatory penalty impacting overall revenue.
The regulatory matter originated from Priceline providing room inventory to Guest Reserva…: The regulatory matter originated from Priceline providing room inventory to Guest Reservations through Priceline Partner Solutions.
Booking Holdings had engaged in settlement discussions after the FTC initially considered…: Booking Holdings had engaged in settlement discussions after the FTC initially considered suing over billing and disclosures.
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Nov 3 : Priceline parent Booking Holdings said on Tuesday it recorded a $900 million reduction in revenue and accrued a loss of $100 million related to an FTC action involving its subsidiary's connection to deceptive hotel ads.
As a result, the online travel agency's third-quarter revenue declined 1 per cent year-over-year. Shares of the company were down 2.4 per cent in extended trading.
Booking disclosed in August that the FTC was considering suing Priceline and an affiliate over disclosures, fees, customer support and billing practices. The company previously said it was in talks with the FTC to resolve the matter. The FTC had been looking into Priceline's relationship with Guest Reservations, a third-party website that advertises stays at specific hotels. Priceline supplies hotel room inventory to Guest Reservations through Priceline Partner Solutions, according to an ongoing lawsuit against the companies filed by San Francisco.
The Norwalk, Connecticut-based company posted a profit per share of $4.66 for the third quarter, compared with $3.98 per share in the year-ago period.
Total revenue for the quarter ended September 30 came in at…
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Regulatory intervention has sharply diminished top-line performance for the online travel company during the period. The substantial monetary impact stems directly from measures enforced by the Federal Trade Commission. This development marks a major unexpected financial headwind tied to regulatory oversight.
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