Booking Holdings today reported its first quarter 2018 financial results.

Gross travel bookings were $25.0 billion, an increase of 21% over a year ago (approximately 12% on a constant-currency basis).

Gross profit was $2.3 billion, a 25% increase from the prior year (approximately 18% on a constant-currency basis). International operations contributed gross profit in the 4th quarter of $2.4 billion, a 23% increase versus a year ago (approximately 17% on a constant-currency basis). Net income in the 1st quarter was $607.2 million, a 33% increase versus the prior year.

Non-GAAP net income in the 1st quarter was $590 million, a 20% increase versus the prior year. Adjusted EBITDA for the 1st quarter was $798 million, a 26% increase versus a year ago.

"We are off to a strong start in 2018 with solid top and bottom line results for the first quarter with our performance marketing optimization efforts driving a second consecutive quarter of operating margin expansion," said Glenn Fogel, Chief Executive Officer of Booking Holdings. Looking forward, Mr. Fogel said "Our brands are making good progress deploying investments to position us for continued future growth."

Guidance for the 2nd quarter of 2018 is as follows:

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