Marriott posts a bigger-than-expected loss as the virus hits bookings.
This photo taken on January 11, 2018 shows a woman walking past Marriott signage in Hangzhou in China's Zhejiang province.posted a bigger-than-expected quarterly loss on Monday, as the coronavirus pandemic curbed global travel and led to a plunge in room bookings.
Marriott's shares, down 40.3% this year, fell 3.8% in premarket trading as the company also reported an 84.4% plunge in revenue per available room - a key performance measure for the hotel industry. However, Marriott said it now expects a gradual rise in occupancy rates across the world although it may be a few years before it sees a return to pre-COVID period demand levels, echoing smaller rival Hilton's comments from last week.
"While our business continues to be profoundly impacted by COVID-19, we are seeing steady signs of demand returning", Marriott Chief Executive Officer Arne Sorenson said in a statement.The company's loss attributable to stockholders was $234 million, or 72 cents per share, in the second quarter ended June 30, compared with net income of $232 million, or 69 cents per share, a year earlier.On an adjusted basis, Marriott reported a loss of $0.64 per share.
Analysts on average had estimated revenue of $1.68 billion and loss of $0.42 per share for the quarter, according to Refinitiv IBES data.
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