Despegar is operating on revenues down 91% year-over-year despite seeing high demand for travel in two of its major markets during the third quarter of 2020.
In the online travel agency's earnings report for the quarter, revenues came in at $12 million compared to $132 million in the corresponding period in 2019.
Transaction and bookings were down 78% and 86% respectively in Q3 year-over-year.
The company narrowed its losses between the second and third quarters, with adjusted EBITDA at a loss of $34 million from a $66 million deficit in the previous three-month period.
A recovery in the domestic markets of Mexico and Brazil were credited with improving transactions and bookings during the July to September period, Despegar's earnings report says.
CEO Damian Scokin says: "We remain disciplined yet opportunistic in our expenses and capital deployment, targeting attractive returns through an increase in scale by leveraging our technological platform and strong brand, moving ahead with the integration of Best Day and Koin as we further build on our low-cost delivery model."
Despegar announced the acquisition of Best Day in January this year, spending $136 million on the Mexico-based travel group.
The total number of transactions during the third quarter came in at 600,000, compared to 1.1 million in Q3 2019.
Ticket prices are more than a third cheaper than in 2019, Despegar says, with the average selling price in the July to September period at $278 ($433 in Q3 2019).
* Check out this interview with Despegar co-founder Martin Rastellino, recorded for the How I Got Here podcast in August 2020.