Travel

Saber shares tumbled in premarket trading after the company said flight bookings rebounded in May from first-quarter levels.

Online travel booking company Saber Corp. SABR,
+0.53%
On Thursday, it was reported that May air travel bookings continued to recover, with all major regions of the world posting a “significant” improvement from the first quarter. In a regulatory filing, the company said gross air travel bookings had recovered to about 56% of the level seen in 2019, before the coronavirus pandemic began. Net bookings for air tickets recovered to around 58% and boarded passengers to around 86% of 2019 levels. The total volume of transactions in the central hotel reservation system has recovered to around 110% of 2019 levels. “We are encouraged by the magnitude of the overall recovery as international and corporate bookings continue to rise,” the company said in a statement. Shares are down 2.7% in premarket trading and down 12% year-to-date while the S&P 500 SPX,
-0.75%
fell by 14%.

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