) missed already lowered estimates for first-quarter profit by a huge margin on Monday, as bookings plunged due to the coronavirus-led lockdowns that kept a quarter of its hotels closed.
“April seems to have defined the bottom ,” Chief Executive Officer Arne Sorenson said, as the company was affected by the COVID-19 pandemic that led thousands of people to cancel bookings and stay at home to contain the spread of the deadly virus. The company’s worldwide development pipeline totaled nearly 3,035 hotels with about 516,000 rooms. More than 230,000 rooms in the pipeline were under construction as of the end of the first quarter.
Profit? What about operating costs, is Marriott breaking even? This is more important than shareholder dividends, and executive bonuses!!!
... because they are closed...
this means the stock should go up right?