Expedia ( (EXPE) ) has released its Q3 earnings. Here is a breakdown of the information Expedia presented to its investors.
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Expedia Group, Inc. is a global travel technology company that operates through brands like Expedia, Hotels.com, and Vrbo, providing comprehensive travel solutions and experiences for consumers and businesses worldwide.
In the third quarter of 2024, Expedia Group reported robust financial results, marked by an impressive 9% growth in booked room nights and a 7% increase in gross bookings compared to the previous year. The company also reaffirmed its confidence in future performance by raising its full-year guidance and announcing a transition in the Chief Financial Officer role.
Key financial highlights include total gross bookings reaching $27.5 billion, a 7% year-over-year increase, with B2B gross bookings climbing 19%. Expedia saw an 8% rise in lodging gross bookings, bolstered by a 10% growth in hotel bookings. Revenue grew by 3% to $4.1 billion, with B2B revenue showing a significant 18% increase. Additionally, the company repurchased 12 million shares for $1.6 billion, reflecting strong shareholder returns.
Operating income surged by 26% to $762 million, while net income attributable to Expedia Group soared by 61% to $684 million, with diluted earnings per share rising to $5.04, a 76% increase. These results underscore Expedia’s successful strategy in accelerating growth in its consumer, advertising, and B2B segments.
Looking ahead, Expedia’s management remains optimistic about sustained growth, focusing on enhancing its technological platforms and expanding its market presence. The upcoming CFO transition is expected to be smooth, aligning with the company’s strategic goals for continuous improvement and expansion in the travel industry.
