Why Navan Stock Jumped Today
Written by Joe Tenebruso for The Motley Fool -> Navan helps people book flights and hotels in minutes. Customers are flocking to its travel platform to save time and money. Shares of Navan (NASDAQ: NAVN) rose on Thursday after the business travel and expense management leader
Customers are flocking to its travel platform to save time and money.
Shares of Navan (NASDAQ: NAVN) rose on Thursday after the business travel and expense management leader announced impressive growth metrics.
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Navan's artificial intelligence ( AI )-powered platform makes it easier for travelers to book flights, hotels, restaurants, and rental vehicles. It also helps employees submit expenses and get reimbursed faster.
This ability to save people and businesses time and money is fueling Navan's growth.
Gross booking volume -- the total dollar value of travel accommodations facilitated by Navan's platform -- soared 50% year over year to $3.1 billion in the quarter ended April 30.
Additionally, payment volume -- the aggregate value of transactions completed via Navan-issued cards -- climbed 29% to $1.3 billion.
"We are executing exceptionally well and leveraging our proprietary, AI-led platform to deliver an unmatched customer experience at scale, seamlessly orchestrating human and AI agents," CEO Ariel Cohen said. "We are not just building the best travel agency on the planet; we are working to define the future of travel."
