(Reuters) -Online travel platform Expedia ( EXPE ) missed Wall Street estimates for quarterly revenue on Thursday, due to weaker than expected demand in the U.S., as the industry braces for a slowdown amid slower consumer spending.

Shares of the company were down close to 5% in after-market trading. They have fallen more than 9% since the start of 2025.

Demand in the U.S. softened as Americans grew wary about discretionary spending, especially on big-ticket expenses such as travel, due to the economic uncertainty caused by an erratic trade policy.

Strength in international travel, especially in Asia-Pacific and Europe, has helped travel companies offset some slowing travel in the U.S.

At the end of April, hotel operator Hilton cut its annual forecast for room revenue growth, and vacation rental company Airbnb ( ABNB ) said this month that the booking window was shortening, signaling consumer uncertainty and caution in travel spending.

Expedia ( EXPE ) reported revenue of $2.98 billion for the first quarter, below analysts' expectations of $3.01 billion.

The Seattle-based company reported an adjusted profit of 40 cents per share for the quarter ended March 31, compared with analysts' estimate of 32 cents per share, according to LSEG compiled data.

Total gross bookings for the first quarter came in at $31.45 billion, up 4% from last year. It posted quarterly booked room nights of 107.7 million, 6% higher than last year.