Expedia shares soared 12% in premarket trading Friday,after stronger than expected third-quarter results offered further evidence that the travel market is on the mend.
For the quarter, Expedia posted revenue of $2.96 billion, up 97% from a year ago, and well ahead of the Wall Street analyst consensus at $2.73 billion. Gross bookings were $18.7 billion, up 117%, while adjusted Ebitda, or earnings before interest, taxes, depreciation, and amortization was $855 million, up 181% from a year ago. Non-GAAP profits were $553 million, or $3.53 a share, more than twice the Street consensus forecast of $1.65 a share.
Under generally accepted accounting principles, the company earned $362 million, or $2.26 a share.
“Despite continued volatility in the travel recovery, Expedia Group’s net income and adjusted Ebitda for the quarter nearly matched our Q3 2019 levels driven by the superior performance from Vrbo and domestic travel along with improvements across virtually all lines of business,” Expeia CEO Peter Kern said in a statement. “With early positive signs in Q4 and many countries announcing new openings to international travelers, we are feeling increasingly confident about a continued recovery.”
Expedia said lodging revenue was $2.3 billion, up 87%, while air revenue was $61 million, up 128%, and advertising and media revenue was $202 million, up 116%.
The strong results from Expedia are consistent with similarly impressive results from both Booking Holdings (BKNG) and Airbnb (ABNB), as well as improving business performance at both Lyft (LYFT) and Uber Technologies (UBER).
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