Despegar.com Shares Pop On Q3 Earnings Beat

Despegar.com Corp DESP reported third-quarter FY21 sales growth of 610.4% year-on-year, to $83.4 million, beating the analyst consensus of $74.90 million. Revenues declined 37% versus 3Q19.
Gross Bookings increased 298% Y/Y but declined 44% compared to 3Q19.
Transactions increased 221% Y/Y and decreased 30% against Q3 FY19, with Mobile accounting for 48% of Transactions in the quarter.
The gross profit was $42.6 million, with a margin of 51.2%.
The operating expenses increased 53% Y/Y to $64.9 million. The operating loss was $(22.3) million.
Adjusted EBITDA loss narrowed Y/Y to $(10.3) million.
Adjusted EPS loss of $(0.30) beat the analyst consensus of $(0.32).
The company held $276.2 million in cash and equivalents as of September 30, 2021.
"While the COVID-19 pandemic continues to linger, we anticipate stronger domestic travel during this upcoming summer season in South America," said CEO Damian Scokin.
Price Action: DESP shares are trading higher by 5.84% at $11.78 on the last check Wednesday.

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