Despegar.com Stock Gains As Q2 Results Top Estimates

Despegar.com DESP reported second-quarter FY21 as reported revenues of $63.10 million, beating the analyst consensus of $55.40 million.
Revenues declined 45% from 2Q19 levels. It reported negative revenues of $9.7 million in 2Q20 primarily due to COVID-19 related cancellations.
Gross Bookings increased 899% Y/Y and 32% Q/Q but decreased 56% compared with 2Q19. The number of transactions rose 543% Y/Y.
Gross profit was $27.2 million versus $(23.5) million last year. The gross profit margin was 43.1%.
Despegar held $316 million in cash and equivalents as of June 30, 2021.
Adjusted EBITDA loss of $(22.3) million impacted by lower demand due to the pandemic and government travel bans, particularly in Brazil and Argentina.
Adjusted EPS of $(0.32) beat the analyst consensus of $(0.35).
"While near term perspectives are mixed across geographies, we remain confident that overall travel demand will pick up as we enter the South American spring/summer seasons in the coming months and the COVID-19 vaccination rollout accelerates," said CEO Damian Scokin.
Price Action: DESP shares are trading higher by 2.55% at $11.24 on the last check Thursday.

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