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Expedia Gains Most Since July 2012 After Earnings Beat

Expedia Gains Most Since July 2012 After Earnings Beat Estimate
Expedia was helped by more people using the service to book hotel rooms, and by an increase in media and advertising revenue, the company said in a statement. Photographer: Andrew Harrer/Bloomberg

Oct. 31 (Bloomberg) -- Expedia Inc., an online travel agency, gained the most since July 2012 after third-quarter earnings beat analysts’ estimates.

The stock rose 18 percent to $58.97 at the close in New York, following yesterday’s release of the company’s quarterly results.

Profit excluding some items rose to $1.43 a share, or $201 million, from $1.32, or $188 million, the year earlier. Analysts had expected $1.36. Revenue climbed to $1.4 billion, compared with the $1.38 billion analyst estimate.

Expedia was helped by more people using the service to book hotel rooms, and by an increase in media and advertising revenue, the company said in a statement.

“Earnings were very good and the outlook was very good,” said Michael Millman, an analyst at Millman Research Associates, who added that Expedia’s stock is making up for a decline after the previous quarter’s earning report.

The Bellevue, Washington-based company competes with Orbitz Worldwide Inc., Priceline.com Inc. and TripAdvisor Inc. for travelers seeking to book trips online.

To contact the reporter on this story: Sarah Frier in New York at sfrier1@bloomberg.net

To contact the editor responsible for this story: Pui-Wing Tam at ptam13@bloomberg.net

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