Expedia Group Inc. reported earnings that were better than analysts expected, reflecting an uptick in summer travel before Covid-19 cases began surging again, and the benefits of cost cuts earlier this year. Gross bookings were $8.6 billion, down 68% compared with a year earlier but an improvement from the previous quarter’s 90% drop. Expedia withdrew its full-year forecast in March when lockdowns halted flights and travel globally. The pandemic hit at an already turbulent time for Expedia, which cut 3,000 jobs in February. Surging virus cases in the U.S. and Europe could derail Expedia’s recovery due to its dependence on hotels, airlines and corporate customers.

Source: Mint November 04, 2020 23:15 UTC