Sabre said its second quarter results "exceeded expectations," and the company is raising its guidance for 2023 accordingly.
The company reported a 12% increase in revenue to $738 million for Q2 2023. Sabre's net loss for the period was $129 million, an improvement on a loss of $193 million in Q2 2022, while adjusted EBITDA was $73 million.
Sabre's operating loss was $42 million compared with $70 million year over year with the company attributing the improvement to an increase in travel bookings. However, it added that incentive expenses in the travel solutions unit, transaction-related costs in hospitality solutions and a $59 million restructuring charge to do with employee redundancies impacted the improvement.
During its Q1 2023 earnings report in May, Sabre announced a repositioning alongside a cost savings plan, including a reduction in head count of around 15%.
Travel solutions revenue increased 12% to $671 million in Q2, and distribution revenue increased 23% to $530 million.
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IT solutions revenue dipped 16% to $140 million and hospitality solutions revenue increased by 16% to $77 million.
Commenting on the results, Kurt Ekert, president and CEO of Sabre, said: "Sabre delivered solid quarterly results that exceeded expectations. We are seeing positive momentum across many areas of the business, including the growth strategies we outlined last quarter. We announced significant NDC distribution agreements with a number of global airlines and are pleased with the positive response we are getting from new and existing customers to our intelligent retailing solutions. In addition, our hospitality solutions business continues to perform well, and we are thrilled to be adding Hyatt to our portfolio of enterprise customers."
Last month the company announced that Hyatt was adopting its SynXis central reservation system following a deal between the two companies.
Sabre's full-year 2023 revenue guidance is now $2.9 billion to $3 billion, up from its previous forecast of $2.8 billion to $3 billion.