Funko Inc
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Consumer Discretionary : Distributors | Small Cap Blend
Company profile

Funko, Inc. is a pop culture consumer products company. The Company is engaged in selling a broad range of pop culture consumer products, featuring characters from a range of media and entertainment content, including movies, TV shows, video games, music and sports. Its products fall under figures and other product categories. Its figures category includes figures that celebrate pop culture icons in the form of stylized vinyl, blind-packed miniatures and action figures. It includes brands, such as Pop!, Mystery Minis, and Funko Soda. Its other category is comprised of stylized fashion accessories including bags, backpacks and wallets; apparel; board games; plush products; accessories including keychains, pens and pins; apparel including t-shirts and hats; homewares including drinkware and other home accessories; non-fungible tokens (NFTs) and other. It sells its products through a network of retail customers, including specialty retailers, mass-market retailers, and e-commerce sites.

Postmarket

Last Trade
Delayed
$20.30
0.46 (2.32%)
Bid
--
Ask
--
B/A Size
--

Market Hours

Closing Price
$19.84
Day's Change
-0.13 (-0.65%)
Bid close
--
Ask close
--
B/A Size
--
Day's High
20.79
Day's Low
19.71
Volume
(Average)
Volume:
681,225

10-day average volume:
726,630
681,225

Booking reaches pandemic-recovery 'milestone,' but CEO says 'the recovery is not fully done yet'

7:33 pm ET August 3, 2022 (MarketWatch)
Print

By Levi Sumagaysay

Online-travel site's revenue misses estimates in quarterly report, and CEO says pace of recovery slowed in July after finally surpassing prepandemic numbers in the second quarter; stock lurches from gains to losses in after-hours trades

Booking Holdings Inc. on Wednesday reported second-quarter financial results that beat analysts' expectations for net income, room nights booked and gross bookings, though its revenue was shy of estimates.

Booking (BKNG) shares climbed higher by about 5% after hours immediately after the results were released, then fell to a 3% decline after executives shared on the conference call that they saw some weakening of growth early in the current quarter.

"We reached another milestone in our company's recovery from the impact of the pandemic, with room nights for the second quarter surpassing 2019 levels for the first time," Chief Executive Glenn Fogel said in a statement. On the earnings call with analysts, though, Fogel said the company saw a slowdown in the pace of growth in room nights and gross bookings in July compared with June.

"We know that the recovery is not fully done yet," Fogel said on the call. He mentioned that in some parts of the world, such as Asia, coronavirus pandemic-related travel restrictions remain. "And we know we hear about people saying how hard it's been in some airports," he added.

The travel-booking company, whose brands include Priceline, Kayak and Booking.com, said gross travel bookings for the second quarter were $34.5 billion, up 57% from the year-ago period, and beating analysts' expectation of $32.96 billion in gross bookings. Room nights booked were 246 million, exceeding analysts' expectation of 234 million.

Booking reported second-quarter net income of $857 million, or $21.15 a share, compared with a loss of $167 million, or $4.08 a share, in the year-ago period. Adjusted for investment and other costs, earnings were $19.08 a share. Revenue rose to $4.29 billion from $2.16 billion in the year-ago quarter.

Analysts surveyed by FactSet had forecast earnings of $18.19 a share on revenue of $4.33 billion.

Booking saw similar travel trends by region as Airbnb Inc. (ABNB), its competitor in the alternative-accommodation market, which reported its results Tuesday. Booking said room nights booked rose the most in the United States and Europe, 30% and 20% respectively, and in the midteens in the rest of the world. Asia was down in the high single digits, Chief Financial Officer David Goulden said on the earnings call.

Also see: Airbnb stock falls sharply despite earnings beat, plan to repurchase $2 billion in stock

Fogel said in the company's news release that he expects "record Q3 revenue." Goulden said on the earnings call only that he expects third-quarter adjusted Ebitda to be slightly above that from the third quarter of 2019.

Analysts are forecasting third-quarter earnings of $53.81 a share on revenue of $6.34 billion.

Shares of Booking have declined 18% year to date, while the S&P 500 index has fallen nearly 13% so far this year. In the regular session Wednesday, they rose 0.5% to close at $1,966.48.

-Levi Sumagaysay

	

(END) Dow Jones Newswires

August 03, 2022 19:33 ET (23:33 GMT)

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