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Expedia beats second-quarter profit estimates on sustained international travel demand
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Expedia beats second-quarter profit estimates on sustained international travel demand
Aug 8, 2024 2:42 PM

Aug 8 (Reuters) - Online travel agency Expedia ( EXPE )

beat analysts' expectations on Thursday for second-quarter

profit, helped by sustained demand for international travel,

sending its shares up 7% after the bell.

"The travel environment was healthy in the second quarter

and like the last few quarters, we saw strong ongoing demand

internationally relative to the US," CEO Ariane Gorin said

during an investor call.

Expedia ( EXPE ), however, also warned that it saw a more challenging

macro environment and a softening in travel demand in July.

Many other travel companies, including rival Booking

and short-term rentals platform Airbnb ( ABNB ) have

mirrored this sentiment in their earnings reports, stating that

consumers are waiting longer to book vacations and growing

cautious about spending.

Expedia ( EXPE ) said it expects full-year revenue to grow 6%

year-over-year, within its previous forecast range, but lower

than analysts' estimates of 7.4%

It also forecast 2024 gross bookings growth at 4%

year-over-year, compared to Wall Street expectations of 6.3%.

The Seattle-based company reported a quarterly profit of

$3.51 per share, beating analysts' estimates of $3.06 per share.

Total revenue for quarter ended June 30 was $3.56 billion,

up 6% from a year earlier. Analysts, on average, were expecting

revenue of $3.53 billion in the second quarter, according to

LSEG data.

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