Expedia Group (NASDAQ: EXPE) has reported an increase in revenues for the first quarter of 2024. The travel company turned to net profit in Q1, on an adjusted basis, from a loss in the prior-year period.
March-quarter revenues increased 8% annually to $2.89 billion, reflecting growth in the B2B and B2C business segments which was partially offset by weakness in the trivago business. Gross bookings increased 3% year-over-year to $30.16 billion.
The company reported earnings of $0.21 per share, excluding special items, compared to a loss of $0.20 per share in the year-ago period. On an unadjusted basis, it was a net loss of $135 million or $0.99 per share in Q1, compared to a loss of $145 million or $0.95 per share last year.
“As we enter the second quarter, we are seeing some acceleration in the rest of our B2C business and expect it to continue throughout the year. But given the Vrbo drag and the rate of acceleration in B2C thus far, we are lowering our full-year guidance to a range of mid to high single-digit top-line growth with margins relatively in line versus last year,” said Expedia’s CEO Peter Kern.
