American digital travel company Expedia Group has announced its financial results, showing strong momentum for the second quarter ended June 30.
According to a press statement by Expedia, the group’s total gross bookings were USD 28.8 billion, an uptick of 6 pc compared to 2023.
Lodging gross bookings were USD 20.7 billion, an increase of 8 pc compared to 2023. Hotel bookings were up 11 pc compared to 2023.
“Our second quarter results came in at the high end of our expectations, with gross bookings and revenue growing 6 pc. We are pleased with our momentum and the sequential improvement in our consumer brands,” says Ariane Gorin, CEO, Expedia Group.
“However, in July, we have seen a more challenging macro environment and a softening in travel demand. We are therefore adjusting our expectations for the rest of the year,” adds Gorin.
The statement says that room nights growth accelerated to 10 pc with Expedia experiencing nearly 20 pc growth. Total room nights grew at the fastest rate since the first quarter of 2023.
Revenue at USD 3.6 billion grew 6 pc compared to 2023. B2B revenue was USD 1 billion, an increase of 22 pc compared to 2023. Net income was USD 386 million and adjusted net income was USD 469 million.
The group says that adjusted EBITDA, or earnings before interest, taxes, depreciation, and amortisation, was USD 786 million, an increase of 5 pc with 15 basis points of margin contraction compared to 2023.
Expedia says that adjusted earnings before interest and taxes (EBIT) was USD 475 million, an increase of 8 pc with 21 basis points of margin expansion compared to 2023.