Stubborn inflation and fears of recession pushed Airbnb, Booking Holdings, and Expedia Group toward marking 52-week stock price lows on Thursday, the last day of the second quarter, as seen in three charts below.
Airbnb, Expedia and Booking Holdings weren’t alone in their respective plunges, however. The Nasdaq Composite Index likewise was trading at a 52-week low.
These companies’ market caps were smallish compared with better times: Booking Holdings ($71.8 billion), Airbnb ($58 billion), and Expedia Group ($14.8 billion).
Many analysts had written off Booking Holdings as a fading also-ran after the blockbuster Airbnb IPO, but its market cap was considerably higher than Airbnb’s today, the end of the first half of the financial year.
We reported Wednesday that traffic and bookings for the trio were soft in June as compared with June 2019, and this could be a sign of a less-robust summer travel season than what many had predicted.
SimilarWeb found that hotels and vacation rental sites took share from online travel agencies like Booking.com and Expedia.com in the first half of 2022.