Expedia Group (NASDAQ: EXPE) reported an increase in bookings and revenues for the second quarter of 2023. The travel company also posted double-digit growth in adjusted profit.
Gross bookings rose 5% from last year to $27.3 billion in the three months ended June 2023. As a result, there was a 6% increase in revenues to $3.36 billion.
Expedia swung to a net profit of $385 million or $2.54 per share in the second quarter, on a reported basis, compared to a loss of $185 million or $1.17 per share in the prior-year period. On an adjusted basis, earnings jumped 48% annually to $2.89 per share.
With the backdrop of continuing innovation in our B2C business, and our B2B business significantly outpacing the industry, we continued to repurchase our stock opportunistically and have purchased a record $1.2 billion year-to-date,” said Expedia’s CEO Peter Kern.