Despegar.com Corp. /zigman2/quotes/201115213/composite DESP -1.31% reported a second-quarter loss that narrowed more than expected, and revenue that topped forecasts, as bookings increased roughly 10-fold as COVID-19 related travel restrictions were lifted. Shares of the provider of online travel services in Latin America were still inactive in premarket trading. The net loss narrowed to $31.1 million, or 46 cents a share, from $57.1 million, or 82 cents a share, in the year-ago period. Excluding nonrecurring items, the adjusted per-share loss was 32 cents, beating the FactSet consensus of 35 cents. Revenue swung to positive $63.1 million from negative $9.7 million, above the FactSet consensus of $56.6 million. Gross bookings totaled $488.9 million, up from $48.9 million, with the biggest growth in Mexico, but the company said government restrictions on mobility continued to have a negative impact on the travel industry. "Recovery trends continued, as the overall level of Gross Bookings reached 44% of pre-pandemic levels," said Chief Executive Damian Scokin. The stock has declined 12.7% over the past three months, while the S&P 500 /zigman2/quotes/210599714/realtime SPX -1.45% has gained 6.9%.
Add to watchlist
DESP
