Booking Holdings: The Buy Thesis Survives Q2

Booking Holdings (BKNG) Q2 results were mixed, with revenue up 8% and EPS up 15% YoY, but growth decelerating versus recent quarters. I remain on a cautious buy rating for BKNG, citing strong shareholder returns, wide moat, and discounted valuation, despite short-term macro and competitive headwinds. Marketing expenses grew 11%, outpacing revenue, raising concerns about customer acquisition costs and competitive pressures, particularly from Google.