Priceline Switches to Booking Holdings and Reports Strong Earnings
Priceline officially changed its name to "Booking Holdings" on Tuesday as it reported Q4 results. Overall, Booking Holdings reported a strong Q4. CEO Glenn Fogel joins Cheddar to break down the name change and earnings news.
Q4 revenue came in at $2.8 billion, ahead of estimates, and 19% higher than last year. After earnings were reported, shares rose about 6%.
Fogel says that travel is what drives the business and that is still strong. When asked about compeition, Fogel is confident in Booking Holdings position in the market. Fogel says the great thing about booking.com, is that it is instantly confirmable. Fogel also touts that there is no booking travel fee with their businesses.
Paramount Global is set to absorb Showtime into Paramount+, creating a single streaming option to compete with the likes of Netflix and Warner Bros. Discovery’s Max. The company also plans to raise the monthly price from $9.99 to $11.99 per month after the integration.
Debt ceiling talks are underway in Washington, DC ahead of a default deadline. Michael Rosen, chief investment officer with Angeles Investments, joined Cheddar News to explain how a potential default could affect investment portfolios, among other items, for Americans.
Australia's government announced regulations for buy now, pay later services, which will be labeled as consumer credit products, which puts them under the country's Securities and Investments Commission's watch.
Walmart is reportedly teaming up with pet telehealth provider Pawp, giving subscribers unlimited access to vet services via video and text, starting on Tuesday.
Cheddar News checks in to see what's on The Day Ahead, which will include earnings from Lowe's, Dick's Sporting Goods, BJ's and AutoZone along with new home sales data. In addition, Microsoft's Build 2023 Developer Conference is slated to kick off for software engineers and web developers.
Venmo will soon have accounts for teenagers ages 13-17 but they will have to follow a set of rules, with parents or guardians opening accounts on their behalf under their own accounts.
Rory Harvey, General Motors' incoming North American president, joined Cheddar News to discuss GM's foray into the rapidly-changing electric vehicle market along with what lies ahead. "It's a very dynamic time in the automotive industry," he said. "If you look to the transformation across the EVs, it's happening and it's happening at a pace."
