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• Total gross bookings were $24.4 billion, up 58% compared to the same period last year
Expedia Group Inc (NASDAQ: EXPE) shares fell 14% on Tuesday after the company reported first quarter results.
For the first quarter, total gross bookings were $24.4 billion, up 58% compared to the same period last year and down 17% compared to the first quarter 2019.
The company reported net loss of $122 million in the quarter and adjusted net loss was $74 million.
“As we have seen many times during Covid, this quarter was a tale of two stories. There was early impact from Omicron leftover from late last year, which faded as the turnaround in demand reached new highs since the start of Covid,” said Peter Kern, Vice Chairman and CEO.
Revenue of the company was $2.25 billion in which lodging accounted for 72% of the total revenue, while advertising and media accounted for 7%, air accounted for 3%, and all other revenues accounted for the remaining 18%.
Lodging revenue rose in the quarter due to significant increase in room nights stayed across hotels and alternative accommodations.
Kern said that with the war in Ukraine, travel recovery in Europe slowed down. “While the war in Ukraine did slow some of the recovery in Europe, there too we see travel at new highs since the start of the pandemic,” he said.
Picture Credits: Reuters
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