MMYT - MakeMyTrip shares drop after slow pandemic recovery drives FQ2 sales miss

MakeMyTrip (MMYT) shares are down 3.2% after this morning's fiscal Q2 report beat bottom line estimates with a $0.07 loss per share ($0.10 above consensus) but missed on revenue with $23.1M (-87% Y/Y, $1.85M below consensus).Air Ticketing sales dropped 76% to $10.9M. Hotels and Packages fell 90% to $4.4M. Bus Ticketing was down 81% to $2.7M."MakeMyTrip has begun its journey of business recovery after India’s nationwide lockdown orders began to be lifted since May’20. We are well poised operationally and financially, with ongoing product and technology innovations to offer superior customer experience as we recover from the severe travel demand disruption caused by COVID-19 in the coming quarters," says Executive Chairman Deep Kalra.Press release. Previously: MakeMyTrip EPS beats by $0.10, misses on revenue (Oct. 27 2020)

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MakeMyTrip shares drop after slow pandemic recovery drives FQ2 sales miss