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Big Earnings Miss in Q2
Shares in US hotelier Hilton Worldwide are trading higher by 3% pre-market on Tuesday as the group extends its recent rally. This is despite a disappointing earnings report last week. Hilton posted Q2 earnings per share of -$1.48, well below the expected loss -$0.31. Net loss for the quarter was $432 million. This is as a result of the negative impact suffered as a result of the COVID-19 pandemic.
COVID Impact Noted
Announcing the results, Hilton chairman and CEO Christopher J Nassetta said:
“Our second-quarter results reflect the challenges that our business has experienced as a result of the pandemic. However, as restrictions are lifting and properties around the world are reopening, we are seeing improved occupancy. While we have a long journey in front of us, we are on the road to recovery and look forward to the opportunities ahead.”
In terms of the material impact of the pandemic, Hilton noted the biggest downside effects were seen in occupancy...
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