Expedia (EXPE) Plummets 14% to a 5-Month Low Following Disappointing Q1 Results and Reduced Revenue Forecast

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Expedia Group Inc. shares hit their lowest level since November after the company posted disappointing first-quarter bookings and lowered its full-year revenue growth guidance.
The online travel giant blamed a slower-than-expected recovery in its vacation rental business.
Expedia shares have declined as much as 14 per cent to $116.50 in New York so far on Friday, May 3.

Expedia shares plummet after disappointing Q1 bookings and lowered full-year revenue growth guidance, with the company blaming a slower-than-expected recovery in its vacation rental business.

Expedia Q1 numbers – Key Metrics

The Seattle-based company posted first-quarter gross bookings of $30.2 billion, missing analysts’ average estimate of $30.5 billion. The company cited a “slower than anticipated” recovery in its vacation rental business Vrbo. That, combined with slower-than-expected growth in the rest of its consumer business, led the company to lower its full-year sales guidance with margins relatively in line versus last year.

Vrbo’s Slow Recovery

Vrbo’s recovery has been slower than expected and has put pressure on gross bookings, Expedia Chief Executive Officer Peter Kern said on Thursday. Vrbo has lost share to Airbnb Inc. and Booking Holdings Inc., the parent company to brands like Kayak and Priceline. Kern also poin... Read the full article for FREE at COINOTAG!