Expedia Bookings Down 90% From 2019 as Virus Hammers Travel
- ‘Worst quarter the travel industry has seen,’ CEO says
- Company said cancellations abated later in May and June
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Expedia Group Inc.’s whopping 82% decline in revenue in the second quarter has laid bare the total devastation the coronavirus has wreaked on the travel sector. Shares dipped as much as 4.8% in post-market trading.
The Seattle-based online travel giant reported total gross bookings of $2.71 billion for the three-month period to June 30, a decline of 90% from the same period a year earlier. Revenue fell to $566 million -- the lowest it’s been in about a decade -- and missed Wall Street’s already reduced expectations of $680 million for the quarter. The adjusted loss before interest, taxes, depreciation and amortization was $436 million, missing average analyst estimates of a $288 million loss.