Expedia Earnings Beat Estimates on Uptick in Summer Travel
- Quarterly sales fall year-over-year for third straight period
- Coronavirus spread means ‘bumpy’ path to recovery, CEO says
Photographer: Andrew Harrer/Bloomberg
This article is for subscribers only.
Expedia Group Inc. reported earnings that were better than analysts expected, reflecting an uptick in summer travel before Covid-19 cases began surging again, and the benefits of cost cuts earlier this year.
Revenue fell 58% to $1.5 billion -- the third consecutive quarterly contraction -- for the three months ended Sept. 30, the Seattle-based online travel giant said in a statement Wednesday. Analysts had projected $1.39 billion, according to data compiled by Bloomberg. Gross bookings were $8.6 billion, down 68% compared with a year earlier but an improvement from the previous quarter’s 90% drop.