Miami's Packed; Expedia Jumps

© Reuters.

By Christiana Sciaudone —  Expedia (NASDAQ:) jumped 8% on better-than-expected results for the first quarter.

A loss per share of $2.02 was better than the estimated loss of $2.30 on sales of $1.25 billion, higher than the forecasted $1.11 billion, according to data compiled by

Beach and outdoor destinations have shown robust rebounds while major cities and business and international trips remain muted, the company said.

“For our part, we continue to invest in bolstering our technology platform and in marketing where we can best get ahead of the demand curve. Because the market has clearly shown that when people feel safe to travel, demand comes roaring back,” Chief Executive Officer Peter Kern said in a statement. 

Analysts from Credit Suisse (SIX:) to Wolfe Research rewarded Expedia with price target increases after the results were published.  

Despite seeing an obvious plunge in sales and profit with the pandemic shutting the world down, shares inexplicably hit a record in March.

“I’m rooting for revenge travel, whatever that is,” Kern said on the earnings call on Thursday. “Whatever kind of travel people want to do, we’re happy to accommodate it, revenge or otherwise.”

Kern pointed to Florida as proof that people are getting back on the road.

“Places like Miami demonstrate that there is huge pent-up demand to go to places where people can experience a relatively normal travel experience. And I don’t know if you’ve been to Miami recently, but it is packed. The hotels are full. People are out everywhere,” Kern said on the call.  

READ  U.S. shares lower at close of trade; Dow Jones Industrial Average down 2.29%




Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Please enter your comment!
Please enter your name here