Booking Holdings takes 1B hit from FTC ad inquiry
Booking Holdings reported a one billion dollar financial hit linked to an FTC investigation into Priceline hotel advertisements. The travel company warned that potential future penalties and ongoing litigation could further impact its business operations.
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Booking Holdings Inc took a $1 billion financial hit tied to a regulatory investigation, sending quarterly revenue down 1% year-over-year. The online travel provider recorded a $900 million revenue reduction and a $100 million loss accrual. The penalty stems from an FTC inquiry into its Priceline brand's connection to third-party hotel booking sites.
