Revenue for the quarter was down 3%, to $2.84 billion, which was quite a bit worse than the $2.93 billion in sales that most of those following the stock were expecting. Adjusted net income declined even more sharply, falling 14%, to $508 million.

Gross travel bookings were up just 2%, to $25.4 billion, although the strong U.S. dollar cost the company about 6 percentage points of growth on that front. Agency revenue fell 8% from year-ago levels, and it took a nice 15% rise in merchant revenue to offset most of the downward pressure on the agency side. Advertising and other revenue was down about 1% over the period.

Related: Booking Holdings financial results for 1st quarter 2019