Why Hyatt Hotels Stock Tumbled on Thursday
Hyatt Hotels (NYSE: H) might be enduringly popular destinations for certain travelers, but few investors were loading up on the company's stock Thursday. It fell by nearly 9% in price, following the release of fresh quarterly results. That was a far steeper fall than the 0.3% decline of the bellwether S&P 500 index.
Before the market opened, Hyatt published its second-quarter numbers. The company earned just over $1.7 billion in total revenue, which was well up from the nearly $1.5 billion in the same period of 2022. That was accompanied by a 15% year-over-year rise in revenue per available room (RevPAR, a key financial statistic in the hospitality industry).
Meanwhile, non-GAAP (generally accepted accounting principles) adjusted net income saw an even higher jump, rising to $88 million ($0.82 per share) from the year-ago result of $51 million.
Source Fool.com
