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Why Despegar Jumped 11% in August

TheMotleyFool

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Shares of Despegar (NYSE: DESP) jumped 10.9% in August, according to data from S&P Global Market Intelligence. For context, the stock's August bounce still left it down 37% for the year as of the end of August.

Despegar, Latin America's largest online travel agency, reported its second-quarter financial results on August 21. Not surprisingly, business conditions were awful for the company due to COVID-19.

Gross bookings fell 96% year over year, while revenue actually came in at negative $9.7 million as a result of cancellations. It's not often you see a company report negative revenue.

Source Fool.com

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