Hilton posted higher-than-expected Q2 losses

Hilton posted higher-than-expected Q2 losses

Hilton took a hard hit from the pandemic

The hotels & resorts giant Hilton posted its Q2 earnings or better said losses.

During the second quarter of 2020, its revenue dropped 77% to $564 million, from last year’s $2.48 billion. However, it came lower than the $818.8 million consensus.

The giant reported a net loss of $430 million, or $1.55 per share. During the same quarter last year, it had a net income of $260 million, or 89 cents/share.

Hilton posted an adjusted loss/share double than the 31 cents forecasted.

Overall, cash and cash equivalents figures came in at $3.58 billion, while the long-term debt is $10.3 billion.

After the report, the Hilton share price slipped by 0.3%. Since January, the stock price fell 27.9%, while USA500 added 3%.

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Sources: marketwatch.com

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