CEO confident of recovery
Expedia Group Inc. turned a profit in the third quarter, helped by vacation rental company Vrbo and rising summer travel demand.
With third-quarter net income of $ 362 million, compared to a loss of $ 221 million a year ago, shares surged 11% in extended trading on Friday.
Expedia’s revenue grew by 97%
Earnings per share excluding some expenditures were $ 3.53, according to Bloomberg statistics, which was higher than analysts’ expectations of $ 1.63. Revenue increased by 97 percent to $ 2.96 billion, exceeding expert expectations.
“With the first signs of improvement in the fourth quarter, and several nations revealing fresh discoveries for international travellers, we are growing more optimistic that the recovery will continue,” CEO Peter Kern said.
Expedia is showing signs of improvement since the Covid-19 crisis, when travel was essentially halted. In the third quarter, other travel companies like as Airbnb and Booking Holdings announced record sales and revenues.
Total orders more than doubled to $ 18.7 billion, according to Expedia, but fell short of Wall Street analysts’ expectations of $ 20.7 billion.
Expedia is up 19 percent this year, trailing just Airbnb but well outpacing Booking.