Online travel agency Expedia Group Inc. (NASDAQ: EXPE) reported its financial results for the quarter ended March 31, 2020, on Wednesday after the market closes. The bottom line was wider than the analysts’ expectations while the top-line missed consensus estimates.
Expedia posted a wider loss in the first quarter of 2020 due to the impact of the COVID-19 pandemic. For the quarter, total gross bookings fell by 39% as the spread of the virus became a global pandemic during March. Revenue grew in January and February before declining significantly year-over-year in March.
Like all travel companies, Expedia suffered a major reduction in business since the onset of COVID-19. However, the company was ahead of the game having implemented cost-savings measures earlier this year, and with the added pressure from the pandemic, the company accelerated and expanded its ambition on improving its long-term cost structure.