Expedia Group, Inc. (NASDAQ: EXPE) announced financial results today for the first quarter ended March 31, 2022. The company missed the Zacks consensus estimate by 77.78% and reported a loss of $0.48 per share. Therefore, the EXPE stock tumbled in Tuesday’s trading session.
- For the first quarter 2022, total gross bookings were $24.4 billion, up 58% compared to the first quarter 2021 and down 17% compared to the first quarter 2019, the smallest quarterly decline since the start of the pandemic.
- For the first quarter 2022, net loss was $122 million and adjusted net loss was $74 million. Adjusted EBITDA was $173 million, roughly flat versus the first quarter 2019, despite revenue being down 14%.
- On April 14, Expedia Group entered into a new $2.5 billion unsecured credit facility, which provides $500 million in additional liquidity compared to the prior credit facilities. Additionally, on March 3, Expedia Group completed the early redemption of its €650 million Senior Notes that were due June 2022.
“As we have seen many times during Covid, this quarter was a tale of two stories. There was early impact from Omicron leftover from late last year, which faded as the turnaround in demand reached new highs since the start of Covid. While the war in Ukraine did slow some of the recovery in Europe, there too we see travel at new highs since the start of the pandemic. All in, while we are keeping an eye on various macro indicators including inflation and ongoing geopolitical tensions, we continue to see positive indicators for a strong recovery in leisure travel this summer. We are also pleased to see city, business, and international travel coming back, three components key to the complete return of travel. This year is on track to be a big year of delivery for us with new product, marketplace, and platform innovation.”said Peter Kern, Vice Chairman and CEO, Expedia Group
The EXPE stock was down by 13.50% and traded at $151.21 (down by 23.60 points) at 12:28 p.m. EDT in the market trading session today. The market capitalization of the stock stood at $24.63 billion. The share volume traded for the EXPE stock was 11,014,550, much higher than three times of the average share volume 3,246,876.