DESP - Why Despegar Was a High-Flying Stock This Week
2023-05-19 07:23:58 ET
Latin American online travel agency Despegar 's (NYSE: DESP) stock was taking off like an airplane in a hurry this week. According to data compiled by S&P Global Market Intelligence , the shares were up by 15% week to date as of Friday before market open. This was due in no small part to the company's publication of its first-quarter results.
For its inaugural frame of this year, Despegar's total gross bookings amounted to $1.1 billion, a robust 44% improvement over the same quarter of 2022. Revenue also headed sharply north, rising by 41% to just under $159 million. That was a new quarterly record for the travel company.
Despite the substantial gains in those top-level financials, Despegar was not profitable on the bottom line. Its net loss was considerably narrower, though, at $700,000 ($0.10 per share) against the deep year-ago deficit of $30.7 million.
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Why Despegar Was a High-Flying Stock This Week