Travel reservations have plummeted 91% and won't be back until there's a vaccine, says Booking Holdings CEO
And, industry leaders are not expecting that to change anytime soon.
"We continue to believe that in order to recover to pre-COVID levels, we will need to have a vaccine or effective treatment, which will take time to produce and distribute globally at the scale needed. We are pleased to have recently read news about progress on this front," CEO Glenn Fogel said during the call.
Booking Holdings saw the worst effects of the pandemic in the most recent quarter, reporting that gross bookings fell by 91%. Revenue fell 84% from the same period last year to $630 million.
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