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Published on 11/05/2020 5:06:59 PM | Source: Reuters

Marriott quarterly profit dives 92% on decline in bookings

Posted in Top Stories| #World Market #Quarterly Result

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Marriott International Inc on Monday reported a 92% slump in profit for the first quarter, as bookings plunged due to coronavirus-led travel restrictions.

Net income fell to $31 million, or 9 cents per share, in the quarter ended March 31, from $375 million, or $1.09 per share, a year earlier.

On an adjusted basis, Marriott earned 26 cents per share in the quarter.

Revenue slumped 7% to $4.68 billion.

 

(Reporting by Ankit Ajmera in Bengaluru; Editing by Shinjini Ganguli)