Expedia shares accelerate on record bookings, revenue
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Expedia (NASDAQ:EXPE) shares surged over 6% higher in Thursdayâs extended session after posting record-setting numbers for the second quarter.
The Seattle-based online travel business notched $1.96 in earnings per share alongside an over 50% leap in revenue from the prior year to $3.18B. Analysts had anticipated $1.56 and $2.99B, respectively. The beats overcame a 13% jump in the cost of sales due to higher merchant processing fees, customer service costs, and cloud costs as a result of increased transaction volume. Gross bookings increased 26% from the prior year to $26.14B in the quarter.
âLodging bookings reached a record high, and we posted our highest ever second quarter revenue and adjusted EBITDA. These were even more noteworthy given the simplification efforts we undertook two years ago including the sale of our Egencia corporate travel business,â CEO Peter Kern said. âDespite the disruptions during the summer travel season and an uncertain macroeconomic backdrop, travel demand has remained strong.â
Guidance for the third quarter, a sticky subject for both Airbnb (ABNB) and Booking Holdings (BKNG) was not included in the companyâs earnings release.
Read more on the forecasts from key competitor Booking Holdings.