Expedia Group Reports Lower Q4 Profit Growth
By Ben Glickman
Expedia Group, the Seattle-based online travel company, experienced a decline in profit growth during the fourth quarter, with gross bookings increasing less than anticipated. Despite this setback, the company remains optimistic about its future prospects.
Financial Performance
Expedia Group reported a profit of $132 million, or 92 cents per share, for the quarter, down from $177 million, or $1.11 per share, in the same period last year. This fell short of analysts' expectations of per-share earnings of $1.12, according to FactSet data. However, after considering certain one-time items, the adjusted per-share earnings came in at $1.72, surpassing the forecast of $1.67 by analysts.
Furthermore, revenue for the quarter rose by 10% to reach $2.89 billion, exceeding analysts' expectations of $2.87 billion.
Bookings Performance
In terms of bookings, Expedia Group observed a 6% increase to reach $21.67 billion. Although this growth is notable, it fell short of analysts' projected figure of $22 billion.
Positive Outlook
Despite the lower than expected profit growth and bookings performance, Chief Executive Peter Kern expressed confidence in the company's future plans. Kern emphasized that Expedia Group will now be able to execute its business strategy without any significant constraints.
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