Shares of Expedia Group, Inc. (NASDAQ: EXPE) climbed over 9% on Friday. The stock has gained 14% in the past three months. The online travel company’s top and bottom line numbers for the second quarter of 2024 grew on a year-over-year basis and came above estimates. Here are a few points of note from the Q2 report:
Expedia’s revenues grew 6% year-over-year to $3.6 billion in Q2 2024. GAAP EPS grew 10% to $2.80 while adjusted EPS rose 21% to $3.51 compared to last year. The top and bottom line beat expectations.
As mentioned on the company’s quarterly conference call, the travel environment remained healthy during the second quarter and demand was stronger internationally relative to the US. In Q2, Expedia’s total gross bookings increased 6% YoY to $28.8 billion. Lodging gross bookings grew 8% and hotel bookings were up 11%. Booked room nights increased 10% to 98.9 million.
Revenue in the B2C segment rose 1% to $2.43 billion in the second quarter while revenues in the B2B segment grew 22% to $1.05 billion. Revenues from trivago decreased 6% to $77 million. Expedia recorded revenue growth across both its US and international markets in Q2.
During the quarter, Expedia saw traffic across its core brands – Expedia, Hotels.com, and Vrbo gain traction sequentially. It also witnessed an improvement in conversion rates. Looking at attach, multi-item trips grew 9% versus last year.
As mentioned on its quarterly call, in July, Expedia witnessed a more challenging macro environment and a slowdown in travel demand. While average daily rates remained relatively flat during the second quarter, they declined in July as consumers switched to lower-priced properties. The company also saw softness in air ticket prices.
Against this backdrop, EXPE expects gross bookings and revenue growth for the third quarter of 2024 to be 3-5% YoY. For the full year of 2024, the company said it expects gross bookings to be at the low end of its previously communicated range of mid-to-high-single digits at approx. 4% and revenue growth to be two points higher at approx. 6%.
The post Expedia (EXPE): A few points to note from the Q2 2024 report first appeared on AlphaStreet.
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