Expedia’s second-quarter results showed gains in loyalty membership, a surge in B2B contributions as travel is becoming more affordable amid a pullback in pricing.
But it was a slowdown in bookings growth that sent investors to the exits on Thursday (Aug. 3), as shares plummeted 15% in intraday trading.
Total gross bookings were up 5% to $27.3 billion, but represented a slowdown from growth rates logged in previous periods when, for example, first quarter bookings surged 20% over the same period in 2022.
Revenue was up 6% to $3.4 billion.
CEO Peter Kern said on the call that “industry trends have remained broadly consistent with the first quarter.” Travel activity in North America and Europe have remained stable, he said, with “stronger growth” in APAC and in Latin America.
“Travelers worldwide continue to favor shorter stays in urban locations versus longer trips and sun and ski destinations,” said Kern. And he noted that some of the…
