Marriott falls on Q3 profit forecast below estimates
BUZZ-Marriott falls on Q3 profit forecast below estimates ** Shares of hotel operator Marriott International MAR.O down 3.4% at $360 premarket
** Co forecasts Q3 profit below Wall Street expectations, as loss of revenue due to the Middle East conflict overshadowed gains from the World Cup and summer travel demand
** Expects Q3 adjusted earnings per share to be in the range of $2.74 to $2.82, midpoint of which is below analysts' estimates of $2.87 per share, according to data compiled by LSEG
** Posts Q2 revenue of $7.07 billion, missing estimates of $7.20 billion - data compiled by LSEG
** Reports Q2 adjusted earnings per share of $3.19, above estimates of $3.09
** As of last close, stock up ~20% YTD
(Reporting by Megavarshini G. Somasundaram in Bengaluru)
((Megavarshini.SomasundaramGnanasundari@thomsonreuters.com))
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