How did Booking Holdings' merchant projects perform in Q2 2024?

Booking Holdings' merchant projects in Q2 2024 showed strong performance, driven by strategic upgrades and a robust product portfolio:

1. **KAYAK Upgrade for SMBs**: The recent upgrade of KAYAK's travel management solution for small and medium-sized businesses (SMBs) is a key factor in Booking's performance. KAYAK for Business offers comprehensive trip management, VIP account management, and 24/7 travel support, all at a flat fee of $20 per trip. This upgrade is expected to significantly boost Booking's appeal among SMBs, fostering growth in this segment.
2. **Strong Portfolio and Market Position**: Booking's diverse portfolio, including Priceline and Agoda, positions it well to capitalize on the growing online travel market. The company's innovative marketing solutions and the integration of AI-powered features, such as the AI Trip Planner, further enhance its competitive edge. This strong product portfolio continues to provide Booking with a competitive advantage in the online travel market against peers like Expedia, TripAdvisor, and Airbnb.
3. **Financial Performance**: In Q2 2024, Booking reported earnings per share (EPS) of $20.39, surpassing the consensus estimate of $14.03. This indicates a robust profitability despite a negative return on equity of 288.35% and a net margin of 21.81%. The company's revenue for the quarter was $4.42 billion, slightly higher than analysts' expectations of $4.25 billion.

In conclusion, Booking Holdings' merchant projects in Q2 2024 were impressive, driven by strategic upgrades, a strong product portfolio, and robust financial performance. These factors collectively contributed to the company's continued success in the highly competitive online travel market.