The fourth quarter earnings of Booking Holdings, the company formerly known as the Priceline Group, was notable because it showed that there is not an across-the-board online travel malaise, as many had feared last year. Booking did fairly well in the December quarter, and it is Expedia that is bogged down with the costs of integrating HomeAway, and saddled with Trivago's woes.
Still, even for Booking, it is clear that the competitive landscape has changed. Room night growth was less than 17 percent in the fourth quarter compared with 31 percent a year earlier. Airbnb is ramping up boutique hotels and making gains. Google is chipping away in hotels and flights. The competitive landscape has always been tough, but today there are no easy wins.
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