Earnings

Expedia (EXPE) Q1 2020 earnings show revenue drop amid pandemic

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Visitors browse at the display of Expedia during the International Tourism Trade Fair in Berlin.

Fabrizio Bensch | Retuers

Expedia reported its first quarter earnings after the bell on Wednesday, continuing to show the financial devastation the coronavirus is having on the travel industry.  

Executives said during the company’s earnings call that Expedia was seeing slight recovery and some greenshoots in May, but was still far from normal. Shares initially dropped on when the report was released, before gaining more than 4.5% in after-hours trading.

Here’s what the company reported:

  • Loss of $1.83 per share
  • Revenue: $2.21 billion

The company’s Q1 revenue decreased 15% year over year, Expedia reported. Expedia’s adjusted net loss was $285 million for the quarter, up 545% year over year. 

Expedia’s lodging revenue decreased 10% in its first quarter, on a 14% decrease in room nights stayed, which it said was partly offset by a 5% increase in revenue per room night. Air revenue dropped 56%, which Expedia said was driven by a 41% decrease in revenue per ticket and a 26% decline in air tickets sold. Expedia also noted that advertising and media revenue decreased 23% in Q1. 

“In January, gross bookings growth was positive, as COVID-19 modestly impacted results, with the virus largely limited to the Asia Pacific region,” the company wrote.

“In February, gross bookings declined year over year as the virus spread, particularly into Europe by later in the month. During March, with…



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