Booking Holdings shares slipped 2.0% post-earnings as results landed near expectations, with geopolitical headwinds in the Middle East weighing on growth and management maintaining a cautious tone about near-term travel demand.

• Q1 room nights totaled 338 million, up 6% year-over-year; management estimated a 2% headwind from Middle East conflict.
• Gross bookings grew 15% to $53.8 billion, while revenue increased 16% to $5.5 billion.
• Adjusted EBITDA was $1.3 billion, up 19% from prior year; adjusted EPS rose 14% to $1.14.
• U.S. market showed momentum, with room night growth accelerating to low teens and direct channel bookings at Booking.com up double digits.
• Management highlighted near-term uncertainty due to geopolitical developments but reiterated confidence in the long-term growth strategy, supported by $3.6 billion in share repurchases in the quarter.