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Aug. 19, 2021, 6:21 a.m. EDT

Despegar.com reports narrower-than-expected loss, as gross bookings rise 10-fold

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By Tomi Kilgore

Despegar.com Corp. /zigman2/quotes/201115213/composite DESP +0.38% 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 +0.75% has gained 6.9%.

/zigman2/quotes/201115213/composite
US : U.S.: NYSE
$ 13.12
+0.05 +0.38%
Volume: 191,924
Oct. 15, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$853.99 million
Rev. per Employee
$36,716
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/zigman2/quotes/210599714/realtime
US : S&P US
4,471.37
+33.11 +0.75%
Volume: 2.05B
Oct. 15, 2021 4:46p
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