Expedia reported its third-quarter earnings today, exceeding expectations with strong increases in revenue and booking.
The company’s revenue reached US$4.1 billion (A$6.143 billion) this quarter, a 3% increase over the same period in 2023.
“Our third quarter results exceeded our expectations on gross bookings and earnings with revenue landing in-line. We accelerated bookings growth in our consumer business for the second consecutive quarter, and our advertising and B2B businesses continue to deliver strong double-digit growth," said Expedia Group CEO Ariane Gorin.
Its net income is $923 million for the first nine months of 2024, up from $552 million in the same period in 2023.
97.4 million rooms were booked through Expedia in Q3. While this is a decline from last quarter’s 98.9 million, it is a significant increase from 89.3 million in 2023’s Q3.
Expedia’s revenue from its lodging sector was $3.3 billion in Q3, up from Q2’s $2.9 billion.
All sectors except air travel bookings reported revenue increases over Q2, and all sectors except Trivago advertising saw revenue increase from 2023’s Q3.
The company’s basic earnings per share sits at $5.28, higher than Q3 2023’s $2.98. Its adjusted earnings per share is now $6.13.
Expedia’s free cash flow was $1.69 billion.
The company will appoint a new Chief Financial Officer before February 17, replacing incumbent CFO and board member Julie Whalen.
As of 10:20 am (AEDT), Friday, November 8, Expedia’s (NASDAQ: EXPE) share price closed at $174.13, up from the previous day’s $171.85. Its market cap is $22.7 billion.