{"id":34798,"date":"2023-05-04T23:36:36","date_gmt":"2023-05-04T23:36:36","guid":{"rendered":"http:\/\/lynettelockhart.com\/client\/expedia-group-beats-first-quarter\/"},"modified":"2023-05-04T23:38:35","modified_gmt":"2023-05-04T23:38:35","slug":"expedia-group-beats-street","status":"publish","type":"post","link":"http:\/\/lynettelockhart.com\/client\/expedia-group-beats-street\/","title":{"rendered":"Expedia Group beats Street estimates on record lodging bookings"},"content":{"rendered":"

By Doyinsola Oladipo<\/p>\n

NEW YORK (Reuters) -Expedia Group Inc on Thursday beat Wall street estimates for first-quarter revenue on record lodging bookings as travel returns to urban markets and international travel demand approaches pre-pandemic levels. <\/p>\n

U.S. travel companies are benefiting from higher prices and record accommodation bookings as travel demand remains elevated despite concerns of an economic downturn and travel preferences shift back to traditional travel.<\/p>\n

Shares of the Vrbo and Hotel.com operator rose 4.3% in trading after the bell. <\/p>\n

“The first quarter saw strong travel demand driven by increasing international travel, major city travel, and the reopening in Asia,” Expedia Group CEO Peter Kern said in a statement.<\/p>\n

Total gross bookings rose 20% year-over-year to $29.4 billion.<\/p>\n

Due to hybrid work, travelers are returning to cities, shortening the length of their stays and shifting away from month-long COVID-era beach or mountain vacations, Kern told investors on the call.<\/p>\n

“As we’ve seen big cities come back. That favors our hotel business,” Kern told Reuters. “What’s good for the hotel business might be a little bit of pressure on Vrbo.”<\/p>\n

Vrbo and a modest second quarter guidance will leave some uncertainty with investors and may mute any upside in the shares tomorrow, said Dan Kurnos, Research Analyst at The Benchmark Company.<\/p>\n

“Everybody is also waiting for the other shoe to drop on a recession,” he added.<\/p>\n

The company said first-quarter growth rates year-over-year were also impacted by FX headwinds, due to a stronger dollar.<\/p>\n

The company posted an adjusted first-quarter loss of 20 cents per share, missing analysts’ expectations for a loss of 4 cent a share.<\/p>\n

The online booking company’s revenue rose to $2.7 billion in the first quarter up 18% from a year ago, the highest first quarter revenue for the company, and beat analysts’ average estimate of $2.6 billion.<\/p>\n

Competitor Booking Holdings Inc also reported on Thursday record first-quarter room night and gross bookings. <\/p>\n

(Reporting by Doyinsola Oladipo in New York;Editing by Chris Reese and Sandra Maler)<\/p>\n

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By Doyinsola Oladipo NEW YORK (Reuters) -Expedia Group Inc on Thursday beat Wall street estimates for first-quarter revenue on record lodging bookings as travel returns to urban markets and international travel demand approaches pre-pandemic levels. U.S. travel companies are benefiting from higher prices and record accommodation bookings as travel demand remains elevated despite concerns of […]<\/p>\n","protected":false},"author":8,"featured_media":34799,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[1213],"tags":[1223],"class_list":["post-34798","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-u-s-business","tag-updated"],"jetpack_featured_media_url":"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ430UY-VIEWIMAGE.jpg","_links":{"self":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/34798","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/comments?post=34798"}],"version-history":[{"count":5,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/34798\/revisions"}],"predecessor-version":[{"id":35102,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/34798\/revisions\/35102"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media\/34799"}],"wp:attachment":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media?parent=34798"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/categories?post=34798"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/tags?post=34798"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}