Why Sabre Stock Dived by Nearly 10% Today
Sabre (NASDAQ: SABR), an important technology solutions provider to the travel industry, wasn't exactly a top destination for investors on Thursday. The company's shares lost almost 10% of their value, following the publication of its latest metrics. Matters weren't helped by an analyst's new, more bearish take on the stock.
In a regulatory filing, Sabre published key metrics for August, indicating that it -- and to some degree, the wider travel sector -- still has some distance to go before reaching pre-pandemic levels.
The company reported that its gross air bookings for the month rose to around 55% of their level in August 2019 (the coronavirus started to spread worldwide several months later). Net air bookings did slightly better, reaching about 56% of the figure for that month, while number of passengers boarded rose to approximately 86%. More optimistically, gross hotel central reservations was actually higher by roughly 12%.
Source Fool.com
