Expedia Group (NASDAQ: EXPE) reported third-quarter 2020 financial results after the regular trading hours on Wednesday. The travel company reported a 58% decline in Q3 revenue of $1.5 billion, surpassing the Wall Street consensus. The company reported a net loss of $0.22 per share, narrower than what analysts had anticipated.
EXPE shares gained 4.5% immediately following the announcement. The stock has slipped 12% since the beginning of this year.
CEO Peter Kern said, “While it will take a more fulsome rebound in travel before we will see the effect of many of these improvements, I am confident that we have made and will continue to make great strides to reshape our business and the industry during this challenging time.”