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Expedia posts earnings beat while warning of softening demand

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Expedia Group Inc. posted better-than-expected second-quarter results while warning of “softening” travel demand in the current quarter, leading it to adjust its expectations for the rest of the year.

The Expedia app on a smartphone arranged in Hastings-on-Hudson, New York, US, on Monday, July 31, 2023. Expedia Group Inc. is scheduled to release earnings figures on August 3. --

Room nights booked — a key metric in the travel industry — jumped 10 per cent to 98.9 million, exceeding estimates for 96.1 million nights. Second-quarter revenue increased 6 per cent to $3.56 billion, ahead of analysts’ average estimate of $3.53 billion. As a result of that tapering demand, Expedia is cutting its full-year gross bookings growth forecast to the low end of its previous guidance range to 4 per cent, Chief Financial Officer Julie Whalen said on a call with investors, while forecasting 6 per cent growth in annual revenue. She also expects third-quarter gross bookings and revenue to increase in the range of 3 per cent to 5 per cent compared with a year ago.

 

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