Shares of Expedia Group Inc.
EXPE,
rallied 9% in the after-hours session Thursday after the online travel company reported quarterly earnings well above Wall Street expectations, saying that demand for travel has been resilient. Expedia earned $425 million, or $2.87 a share, in the third quarter, compared with $482 million, or $2.98 a share, in the year-ago period. Adjusted for one-time items, the company earned $5.41 a share. Revenue rose 9% to $3.9 billion “and was a record for any quarter,” the company said. FactSet consensus called for adjusted earnings of $5 a share on sales of $3.86 billion. “Our strong third-quarter results with record revenue and profitability came in ahead of our guidance and reflect the resilience of travel demand and continued improvements stemming from the execution of our strategy,” Chief Executive Peter Kern said in a statement. Expedia also reiterated its full-year guidance of double-digit growth with margin expansion, and announced a new $5 billion share buyback program.
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