Expedia (NASDAQ:EXPE) shares rose around 2% after-hours following the company’s reported Q1 results, with EPS of ($0.47) coming in better than the consensus estimate of ($0.57). Revenue was $2.25 billion, slightly above the consensus estimate of $2.24 billion. Total gross bookings for the quarter grew 58% year-over-year to $24.4 billion. In comparison to Q1/19, total gross bookings declined 17%, which represents the smallest quarterly decline since the start of the pandemic.
According to Peter Kern, Vice Chairman and CEO of Expedia Group, the early impact from Omicron leftover from 2021 was offset by the turnaround in demand reaching new highs since the start of COVID. Despite the war in Ukraine affecting some of the recovery in Europe, the company saw travel in that region at new highs since the start of the pandemic. Kern added that the company continues to see positive indicators for a strong recovery in leisure travel this summer while keeping an eye on various macro indicators including inflation and ongoing geopolitical tensions.
Shares of Expedia were down 3% year-to-date doing into the results.
By Davit Kirakosyan