Online travel booking company Expedia Group Inc pointed to demand recovering in May as cancellation rates stabilize, overshadowing a bigger-than-expected quarterly loss and sending its shares up nearly 4%, Trend reports citing Reuters.
U.S. airlines have signaled slower ticket cancellations and an improvement in bookings on some routes, as countries ease lockdowns imposed to curb the spread of the coronavirus that had crippled the global travel industry.
“What we’ve seen is green shoots in the areas you would expect, places where movement has become possible, where people can now start to think about their summer holiday,” a company executive said on a post-earnings conference call.
Expedia said it was seeing strength in its vacation rental business, Vrbo, as people look to get away in the summer after being forced to stay at home.
Bookings for online travel agencies will fall about 60% in the third quarter, compared with a more than 80% plunge in the prior quarter, according to SunTrust analyst Naved Khan.
Expedia also said it secured $3.95 billion in funding, including $1.2 billion in preferred equity investments from Apollo Global Management (APO.N) and Silver Lake.
In the first quarter, gross bookings tumbled 39.2% to $17.89 billion.
Net loss attributable to Expedia was $1.30 billion, or $9.24 per share, in the quarter ended March 31, compared with $103 million, or 69 cents per share, a year earlier.
Excluding items, the company posted a loss of $1.83 per share, compared with the average analyst estimate of a loss of $1.23, according to IBES data from Refinitiv.
See all the news
All
Financial Services in CAREC
#TheCheckpoints: TIWB & Georgia - Interview with Rusudan Kemularia, Head of TIWB Secretariat
Stoli® Group to Release Limited-Edition Bottle in Support of the Ukrainian People
როგორ მოხვდა 17 წლის ანასტასია ლელაძე ჰარვარდში? - ანასტასია ლელაძე ქალების ნარატივში
"Literally the whole village was waiting for the first harvest of strawberry" - Kvitsiani family from Svaneti
Aliyev replaces long-serving central bank head with loyalist
Putin imposes visa restrictions on citizens from 'unfriendly' countries
BMG-ს მედია რუბრიკა: #პროფესიონალი - გიორგი მიქაია
Business Leaders Council by USAID and Georgian Business
ვინ არის მსოფლიოში #1 სნაიპერი “Wali”?
ბინების ქირის ფასი 50%-მდე გაიზარდა
DriveWealth-G&T Cooperation
"Today we are all Ukrainians"- Zurab Pololikashvili
Tourism is the main bridge for building understanding - ZURAB POLOLIKASHVILI
FAQ’s and Analysis on Lari & FDI - Interview with Fady Asly
მინერალური და მტკნარი წყლის ფასები ქართულ ბაზარზე
China continues to push competitors out of the global walnut market
Moscow to Host First Meeting of Turkish & Armenian Special Envoys on Jan 14
Scientists Discover New Part of the Human Body
Turkey's Exports Soar by 33.7% to $21.5B in November