Expedia stock took a notable 9% dip early on Thursday, despite the company surpassing expectations in its earnings report. Though revenue reached a record-breaking $3.36 billion in the second quarter, it fell short of the sky-high projections set amidst the current surge in international travel demand this summer.
Impressively, adjusted earnings per share experienced a remarkable 48% increase from the same quarter last year, reaching $2.89—a figure that surpassed analysts' estimates of $2.35, according to FactSet data. However, revenue saw a more modest rise of 6%, amounting to $3.36 billion, narrowly missing the projected $3.37 billion.
Gross bookings, on the other hand, did show growth, rising by 9% to reach $27.3 billion. Unfortunately, this figure fell short of the expected $28.3 billion that analysts had predicted. Although lodging bookings hit a second-quarter record high of $19.2 billion, they still fell below those seen in the previous quarter—an indication that a further decline may be on the horizon.
Prior to the earnings report, Expedia's stock had already experienced a substantial climb of 35% in the year so far. With the surge in travel demand present, it was almost inevitable that any slip-ups would be met with market punishment.
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