Expedia sees profits slip, but shares rise |
Update: 09:59, Saturday, Jul 28,2012 (GMT+7)
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Expedia saw profits fall 25 per cent in the second quarter, but still
comfortably beat analysts estimates to see share prices rise.
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Net profit at the online travel giant fell to $105.2 million in the three months to June 30th, with shares gaining more than 14 per cent in after hours trading.
Adjusted to exclude stock-based compensation expenses and other unique items, net profit was up 24.3 per cent to $125 million.
Sales of room nights – which account for three quarters of Expedia’s revenue - increased by 22 per cent year-on-year to a record 30 million.
This was driven by 16 per cent growth in domestic US room nights.
Average airfares were five per cent higher than a year ago, but lower payments from airlines resulted in Expedia receiving 11 per cent less per ticket.
Nick
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