Expedia Group (NASDAQ:EXPE) slumped in mid-day trading on Thursday after the online travel company’s tally of gross bookings in Q2 missed expectations. While Expedia’s (EXPE) revenue of $3.36B was roughly in-line with estimates, the closely-watched gross bookings metric was $27.32B (+5% year-over-year) vs. $28.89B consensus. Booked room nights were up 9%, and lodging bookings rose 7%.
CEO Peter Kern said travel demand remained strong in Q2 and noted the company recently took a major leap forward in its consumer business with the launch of One Key in the U.S., which he called the most flexible and comprehensive rewards program in the industry.
“With the backdrop of continuing innovation in our B2C business, and our B2B business significantly outpacing the industry, we continued to repurchase our stock opportunistically and have purchased a record $1.2 billion year-to-date,” he also noted.
Shares of Expedia (EXPE) fell 16.43% and were swapping hands below $100 for the first time since June 1.
More on Expedia:
Expedia falls to two-month low after gross bookings tally disappoints
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