(Reuters) – Online travel platform Expedia reported fourth-quarter results on Thursday that beat Wall Street estimates on the back of strong international travel demand, sending the company’s shares up about 8% after the bell. Travel demand has been strong globally, especially in Asia, where cross-border travel in Southeast Asian countries has helped drive up prices […]
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Expedia’s fourth-quarter results beat on travel demand
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(Reuters) – Online travel platform Expedia reported fourth-quarter results on Thursday that beat Wall Street estimates on the back of strong international travel demand, sending the company’s shares up about 8% after the bell.
Travel demand has been strong globally, especially in Asia, where cross-border travel in Southeast Asian countries has helped drive up prices for hotels and other travel services.
Expedia also approved the reinstatement of a quarterly cash dividend and declared a first-quarter dividend of 40 cents per share.
Leisure travel demand has also remained steady in Europe, with growth driven by both domestic and long-haul trips from wealthy American travelers.
The company has also been reaping benefits from integrating all its brands, including Vrbo and Hotels.com, onto a single unified platform called “One Key”.
On an adjusted basis, Seattle-based Expedia earned $2.39 per share in the fourth quarter, compared with the average analyst estimate of $2.04, according to data compiled by LSEG.
Total revenue rose 10% to $3.18 billion, beating estimates of $3.07 billion.
(Reporting by Aishwarya Jain and Nathan Gomes in Bengaluru; Editing by Shounak Dasgupta)