Expedia rides ‘strong’ travel rebound to earnings beat

Expedia Group Inc. shares
EXPE,
-3.27%
were headed 6% higher in after-hours trading Thursday after the online-travel company topped expectations with its latest results amid a strong rebound in travel. The company reported a net loss of $185 million, or $1.17 a share, compared with a loss of $301 million, or $2.02 a share, in the year-before quarter. Expedia reported adjusted earnings per share of $1.96, whereas it lost an adjusted $1.13 a share a year prior. Analysts tracked by FactSet were looking for $1.56 a share in adjusted earnings during the latest quarter. Revenue came in at $3.18 billion, up from $2.11 billion a year earlier and ahead of the FactSet consensus, which was for $2.99 billion. “Despite the disruptions during the summer travel season and an uncertain macroeconomic backdrop, travel demand has remained strong,” Chief Executive Peter Kern said in a release. Shares of Expedia have lost 32% over the past three months as the S&P 500
SPX,
-0.08%
has lost 0.6%.