Booking Holdings took a $1 billion hit in the third quarter tied to a potential FTC settlement with its Priceline brand. The company recorded a $900 million revenue reduction and a $100 million loss for accounting purposes.
"Priceline is in discussions with the FTC to seek to resolve a potential complaint from the FTC," Booking said in a statement. "Although a settlement has not been reached, for accounting purposes we recorded a reduction in revenue of $900 million and accrued a loss of $100 million."
The FTC may seek restitution and penalties exceeding $1 billion, according to a Booking quarterly filing. The company also noted that the Middle East conflict and higher airfares continue to affect travel demand across the industry, describing the travel market as "mixed."