MakeMyTrip (MMYT +9.89%) stock is quickly gaining ground following its latest earnings report. The India-based travel company's share price was up 9.3% as of noon ET on Tuesday. Meanwhile, the S&P 500 was up 1.2%, and the Nasdaq Composite was up 1.8%. Earlier in the session, the stock had been up as much as 14.1%.
Before the market opened this morning, MakeMyTrip published results for the first quarter of its 2027 fiscal year -- which ended June 30. While the company posted sales that missed expectations, its earnings topped Wall Street's forecast. The stock is also getting a boost from another significant bullish catalyst.
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MakeMyTrip rises after earnings beat
MakeMyTrip recorded non-GAAP (adjusted) earnings per share of $0.53 on sales of $285.5 million in fiscal Q1. For comparison, the average Wall Street analyst estimate had modeled adjusted earnings of $0.43 on sales of roughly $292.2 million. Sales were still up roughly 6% year over year, and gross bookings increased nearly 20% compared to the prior-year period to reach approximately $2.85 billion. Along with the earnings beat on softer-than-expected revenue and solid bookings momentum, there's another big catalyst lifting the stock today.
NASDAQ: MMYT
Key Data Points
Travel stocks are rallying on Iran war news
Travel industry stocks are generally seeing strong bullish momentum today on hopes that the Iran war could be de-escalating. Over the weekend, President Donald Trump said that the basics of a deal that could reopen the Strait of Hormuz and end the conflict had been reached. He also said that negotiations with Iran would resume today. An end to the war could help reduce energy prices and ease travel concerns, which would be a positive development for MakeMyTrip and other players in the industry.
