By Claudia Assis
Expedia stock drops 13% despite quarterly beat
Expedia Group Inc. shares fell 13% in the extended session Thursday, as investors appeared nervous by a CEO change and looked past a quarterly beat for the online travel company.
Expedia (EXPE) earned $132 million, or 92 cents a share, in the fourth quarter, compared with $177 million, or $1.11 a share, in the year-ago period.
Adjusted for one-time items, the company earned $1.72 a share. Revenue rose 10% to $2.89 billion. Analysts polled by FactSet expected adjusted EPS of $1.67 on revenue of $2.87 billion.
“We delivered on our full-year guidance and drove record results, all while completing a massive transformation and navigating the inherent volatility that comes with that,” Chief Executive Peter Kern said in a statement. “Our work is finally starting to deliver results, and we are in the best place we’ve ever been technologically.”
In a separate press release, however,…
