Booking Holdings (NASDAQ:BKNG) grew adjusted revenue 9% in the third quarter, then guided fourth-quarter room night growth to just 1% to 3%. Shares fell about 1.3% in after-hours trading. The core business is healthy, but the outlook says the Middle East conflict and softer international travel will slow growth sharply through year-end. The revenue decline is a legal charge, not a demand problem. Booking cut revenue by $900 million for a Federal Trade Commission matter and excluded it from adjusted results. The release doesn't explain the matter, so investors can't yet judge whether more costs are coming. Earnings per share grew faster than profit because Booking keeps shrinking its share count. GAAP net income dipped slightly, but diluted shares fell about 7.5%. Long-term debt rose this year while buybacks continued, so part of that EPS growth is funded with borrowed money.
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