SEATTLE - Expedia (NASDAQ:EXPE) Group, Inc. (NASDAQ:EXPE) reported third-quarter earnings that surpassed analyst expectations, driving its shares up 8.5% in after-hours trading. The online travel company also raised its full-year guidance, signaling confidence in its future performance.
For the quarter ended September 30, 2024, Expedia reported adjusted earnings per share of $6.13, beating the analyst estimate of $6.05. However, revenue came in slightly below expectations at $4.06 billion, compared to the consensus estimate of $4.11 billion. Despite the revenue miss, the company's gross bookings showed strong growth, increasing 7% YoY to $27.5 billion.
Expedia's room night growth remained robust at 9% compared to the same period last year, with Brand Expedia growing in the mid-teens. The company's B2B segment continued to perform well, with gross bookings up 19% YoY and revenue growing 18% to $1.2 billion.
"Our third quarter results exceeded our expectations on gross bookings and earnings with revenue landing in-line," said Ariane Gorin, CEO of Expedia Group.
"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."
The company also announced that Chief Financial Officer Julie Whalen will be stepping down from her role, with a successor expected to be appointed before February 17, 2025. Whalen has agreed to remain with the company until that date to ensure a smooth transition.
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