Expedia posts 1Q loss; says revenue rose 24 pct
Expedia takes 1st-quarter loss on increased costs, but says revenue rose 24 percent
NEW YORK (AP) -- Online travel agency Expedia Inc. on Thursday reported a larger loss in the first quarter as its stock-based compensation, legal reserve and depreciation costs surged compared to a year ago. But its adjusted income and revenue surpassed Wall Street's expectations.
Expedia said Thursday it lost $104.2 million, or 77 cents per share. A year ago it reported a loss of $3.3 million, or 2 cents per share.
The Bellevue, Wash., company said it earned 25 cents per share during the most-recent quarter if the one-time items are excluded.
Revenue climbed 24 percent to $1.01 billion, mostly on greater international sales. Expedia reported a 28-percent increase in hotel night bookings and said airline ticket sales rose 9 percent.
FactSet says analysts expected adjusted net income of 23 cents per share and $967.5 million in revenue.
The company said its revenue growth in Europe surged because of recent acquisitions. About a year ago, it bought Via Travel, the biggest travel management company in the Nordic countries. In March, Expedia acquired a 61.6 percent stake in German hotel search site Trivago for about $632 million in cash and stock.
Shares of Expedia advanced $1.53, or 2.4 percent, to $66.50 in aftermarket trading following the release of the earnings report.
