Marriott International posted bigger-than-expected Q2 losses

Marriott International posted bigger-than-expected Q2 losses

Marriott posted its first quarterly decline in almost a decade.

We all know that the hotelier industry was amongst the most affected by the pandemic. If last week, Hilton posted higher-than-expected quarterly losses, today the American Marriott released its financial report.

Marriott posted bigger-than-expected losses as the pandemic led to a plunge in bookings.

The revenue figures came in at $1.46 billion, 72.4% lower than last year’s numbers. It underperformed the $1.68 billion expected. After adjustment, Marriott had a loss per share of 64 cents.

Revenue per available room dropped by 84.4% at a global level, while in the US shed 83.6%. For this year, Marriott expects the room booking to grow by 2% up to 3%.

Marriott stock price slid 3.8% after the report. Year-to-date the share price fell 40.3%, while the USA500 is up 3.73%.

Visit CAPEX.com for more financial news!

Sources: cnbc.com, foxbusiness.com

The information presented herein is prepared by CAPEX.com and does not intend to constitute Investment Advice. The information herein is provided as a general marketing communication for information purposes only and as such it has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is not subject to any prohibition on dealing ahead of the dissemination of investment research.

Users/readers should not rely solely on the information presented herewith and should do their own research/analysis by also reading the actual underlying research. The content herewith is generic and does not take into consideration individual personal circumstances, investment experience or current financial situation.

Therefore, Key Way Investments Ltd shall not accept any responsibility for any losses of traders due to the use and the content of the information presented herein. Past performance is not a reliable indicator of future results.