Expedia Sees First Revenue Decline in Eight Years on Covid
- Company saw ‘unprecedented’ cancellations in the first quarter
- Early cost-saving measures helped it stay ‘ahead of the game’
This article is for subscribers only.
Expedia Group Inc. followed its peers in the online travel industry in witnessing a staggering decline in business since the spread of the coronavirus, with total gross bookings down 39% in the first quarter.
The Seattle-based company reported total gross bookings of $17.89 billion, including a decline of as much as 90% in the second half of March as the pandemic took hold. Revenue fell 15% to $2.21 billion, its first quarterly drop in eight years. The adjusted loss before interest, taxes, depreciation and amortization was $76 million, or 1.83 a share, compared with a loss of 27 cents a year earlier. Analysts had projected a loss of $1.45 a share on $2.11 billion in sales.