Expedia Group (NASDAQ:EXPE) shares fell as much as 10% on Thursday after the online travel company reported second quarter results.
The adjusted earnings per share came in at $2.89, crushing the expectations for $2.35. Revenue rose 5.6% year-over-year to $3.36 billion, just below the expectations for $3.37B. Trivago saw its revenue fall 47% year-over-year to $82 million.
“The second quarter saw travel demand remain strong, and we were pleased that along with the progress on our tech transformation we were able to post another record quarter. Our focus on driving consumers into our loyalty programs and apps has helped us build the most valuable pool of consumers we have ever had,” said Peter Kern, Vice Chairman and CEO, Expedia Group.
Gross bookings for the quarter were $27.32B, missing the $28.89B expectations, which may explain the post-earnings weakness in EXPE shares. Another reason could be the fact that Expedia only reaffirmed its full-year guidance despite a solid EPS upside.