Expedia reports Q1 adjusted EPS 40c, consensus 36c

Reports Q1 revenue $2.99B, consensus $3.01B. Booked room nights grew 6% in the first quarter year-over-year amid softened travel demand within and into the U.S. Total gross bookings grew 4% in the first quarter. B2C gross bookings grew 1% and B2B gross bookings grew 14% given the segment’s greater international exposure. Lodging gross bookings grew 5% year-over-year in the first quarter; hotel bookings were up 6%, driven by resilience at B2B and Brand Expedia (EXPE). Ariane Gorin, CEO of Expedia Group, said: “We posted first quarter bookings and revenue within our guidance range despite weaker than expected demand in the US, drove bottom-line meaningfully above our guidance, and made significant progress against our strategic priorities. Looking ahead, we are committed to continuing to deliver margin expansion while growing our top-line.”