Expedia Group shares had been up greater than 6% in after-hours buying and selling after the corporate reported its first quarter financials Monday, with income up 81% year-over-year to $2.2 billion. The Seattle-based tech big additionally beat estimates with an adjusted web lack of $0.47 per share, down from a lack of $2.02 per share within the year-ago interval.
“All in, whereas we’re keeping track of varied macro indicators together with inflation and ongoing geopolitical tensions, we proceed to see constructive indicators for a robust restoration in leisure journey this summer time,” Expedia CEO Peter Kern mentioned in an announcement. “We’re additionally happy to see metropolis, enterprise, and worldwide journey coming again, three elements key to the entire return of journey.”
Expedia’s complete gross bookings had been up 58% year-over-year to $24.4 billion, however down 19% from the primary quarter of 2019 earlier than the pandemic.
Kern’s sentiment concerning the return of journey is in keeping with a brand new report from Deloitte for the 2022 journey business outlook. “Whereas pandemic considerations proceed to curtail journey spending, pockets of pent-up demand and pandemic-driven life-style shifts level to encouraging journey business traits within the yr forward,” the report mentioned.
In March, Expedia mentioned it was blocking the power to e book journey into or out of Russia in a response to that nation’s invasion of neighboring Ukraine.
Expedia has been restructuring its enterprise and unifying its behind-the-scenes applied sciences. It just lately employed six new tech executives from corporations akin to Amazon and Google.