DESP - Despegar.com plunges on Q3 revenue and net income drop

With a significant drop in Q3 revenue (-91% Y/Y to $11.7M) and net income (net loss of $41.7M vs. net loss of $3.7M in year ago quarter), Despegar.com ([[DESP]] -6.2%) traded in red.With cancellations amid the company's flexible refund policy in COVID-19, reported revenues, excluding cancellations, increased 406% sequentially.During the quarter, sequential monthly improvement in transactions and gross bookings stood at CAGR of 20% and 29%, respectively led by higher domestic demand in Brazil and Mexico.Brazil represented 62% of Despegar’s total transactions, which increased 170% Q/Q, however down 65% Y/Y.Gross Bookings more than tripled Q/Q but declined 86% Y/Y to $165.3M; transactions and Room Nights both down 78% YoY and up 188% and 315% Q/Q respectively.Meeting the company's $27.8M run-rate target for Q3, structural costs declined 49% Y/Y and 16% Q/Q to $27.8M.Reported adj. EBITDA was a loss of $33.7M in Q3 vs. an EBITDA loss of $65.8M in Q2 and positive $9.4M in year

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Despegar.com plunges on Q3 revenue and net income drop