Expedia Group Inc.
EXPE,
shares rallied in the extended session Thursday after the online travel company’s results came in better than expected. Expedia shares jumped 5% after hours, following a 3.6% decline in the regular session to close at $164.82. The company reported a first-quarter loss of $606 million, or $4.17 a share, compared with $1.3 billion, or $9.24 a share, in the year-ago period. The adjusted loss, which exclude stock-based compensation expenses and other items, was $2.02 a share, compared with $1.83 a share in the year-ago period. Revenue fell to $1.25 billion from $2.21 billion in the year-ago quarter. Analysts surveyed by FactSet had forecast a loss of $2.30 a share on revenue of $1.11 billion. “Travel remains a study in contrasts – with strong vacation rental growth and demand for domestic travel continuing to drive us forward, while demand for international and business travel and conventional lodging remain challenged,” said Expedia Chief Executive Peter Kern in a statement. “As the vaccine rollout continues, we expect to see a now familiar story play out; domestic and leisure demand lead the recovery. However, as the dire situation in India reminds us, in some markets, things may get worse before they get better.”
