The Booking paradox: record revenue, falling profit
Booking closed 2025 with record revenue of 22.82 billion euros (+13.4%) and a net profit 8% lower (4.58 billion), according to its official results. The causes: 770 million extra in marketing — mostly Google — and a 388-million write-down of its metasearch engine Kayak, damaged by AI search. The OTA that charges hotels commissions pays, in turn, a structural toll to Google, just as Google starts competing with it.
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