By Pratyush Thakur
(Reuters) -Shares of Expedia Group plunged 19% in early trading on Friday after the online travel firm said it expects 2024 revenue growth rates to moderate, as air fares soften from post-pandemic highs.
The company late on Thursday also said Chief Executive Officer Peter Kern will step down from his position and will be replaced by company insider Ariane Gorin.
Expedia’s shares were set to snap a four-day winning streak and were on course for their biggest single-day drop in nearly four years, if the losses held.
Booking Holdings, Tripadvisor, and Airbnb were down between 1% and 4% in early trading on amplified concerns about moderating booking and uneven domestic travel demand following a rebound from pandemic lows.
On Thursday, Expedia warned that air travel revenue was under pressure due to a fall in average ticket prices.
“On a macro level, we expect travel demand to remain relatively healthy, but we expect growth rates across the world to decelerate,” outgoing…