Expedia Group executives harbor a positive outlook for travel demand in the current quarter, following lower-than-expected fourth-quarter results. While sales climbed 15 percent to $2.62 billion last quarter, they fell short of the average analyst's estimate of $2.7 billion. Gross bookings totaled $20.5 billion while Wall Street projected an average $21.1 billion. Expedia Chief Financial Officer Julie Whalen said lodging gross bookings increased 20 percent in January compared with 2019, and monthly growth reached high single digits in the fourth quarter. “We continue to see that people are prioritizing travel over just about everything,” said CEO Peter Kern. “So far, demand continues to be quite robust and we're really pleased with how '23 is starting.” The company posted stayed room nights of 74.6 million in the fourth quarter, up 19 percent year-over year; analysts were expecting a 20 percent gain to 75.4 million. Expedia's restructuring includes building out a business-to-business segment and a rewards program across all its brands.
Bloomberg (02/09/23) Michael Tobin
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