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Shares of Expedia Group fell sharply by more than 8.5% on Friday after the company reported first-quarter revenue that came in below Wall Street expectations, signalling a slowdown in US travel demand.
The online travel platform posted revenue of $2.98 billion, falling short of the $3.01 billion expected by analysts surveyed by LSEG.
The decline marks a concerning signal for the broader travel industry, which had been hoping for a strong summer season.
Analysts attributed the weaker-than-expected results to economic pressures weighing on consumer spending, particularly in the United States, where Expedia generates about two-thirds of its revenue.
At least 13 brokerages reduced their price targets on the stock post the earnings announcement.
Large US presence adds to the drag as inbound travel is affected
Expedia’s performance reflects growing consumer caution in the face of elevated interest rates, lingering inflation, and geopolitical uncertainty, including the impact of ongoing…
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