Expedia Group Inc EXPE shares are trading higher in Thursday’s after-hours session on the heels of the company’s first-quarter results.
- Q1 Revenue: $2.67 billion, in line with estimates
- Q1 EPS: loss of 20 cents missed estimates for loss of 2 cents
Revenue was up 18% year-over-year. Gross bookings totaled $29.4 billion, up 20% year-over-year. Lodging bookings climbed to $21.1 billion.
Net cash from operating activities reached $3.2 billion in the quarter resulting in a free cash flow of $2.9 billion.
“The first quarter saw strong travel demand driven by increasing international travel, major city travel, and the reopening in Asia. We invested into that demand driving record lodging bookings and continued strength in app usage and loyalty member counts,” said Peter Kern, vice chairman and CEO of Expedia.
“Our performance was enhanced by greater testing velocity and accelerating deployment of AI and ML, including our recent integration of ChatGPT into our iOS experience.”
Expedia said it accelerated its share repurchases in 2023, buying back $600 million in stock year-to-date.
EXPE Price Action: Expedia shares were up 3.85% after hours at $92.60 at the time of publication, according to Benzinga Pro.
Photo: Dorothe from Pixabay.