Expedia Inc.'s first-quarter loss widened from a year earlier on legal reserves related to a recent ruling on back taxes in Hawaii as well as its recent buyout of metasearch company Trivago.
Shares of Expedia were down about 8% Friday morning despite revenue rising 24% on a jump in hotel bookings.
Expedia said it took a $104.2 million loss, compared with a $3.3 million loss a year earlier.
The company set aside about $60 million after a Hawaii judge ruled earlier this year that OTAs owe the state $150 million in unpaid excise taxes.
Expedia had about $57 million in expenses stemming from its first-quarter acquisition of a 62% stake in Trivago. Expedia paid $564 million in cash and about $65 million in Expedia stock for the company.
Expedia’s revenue increased 24% to $1.01 billion as gross bookings advanced 16% from a year earlier to $9.8 billion, primarily on overseas growth. Hotel room night bookings jumped 28%.
Source: http://www.travelweekly.com/Travel-News/Online-Travel/Expedia-reports-Q1-loss/
Note:
Shares of Expedia were down about 8% Friday morning despite revenue rising 24% on a jump in hotel bookings.
Expedia said it took a $104.2 million loss, compared with a $3.3 million loss a year earlier.
The company set aside about $60 million after a Hawaii judge ruled earlier this year that OTAs owe the state $150 million in unpaid excise taxes.
Expedia had about $57 million in expenses stemming from its first-quarter acquisition of a 62% stake in Trivago. Expedia paid $564 million in cash and about $65 million in Expedia stock for the company.
Expedia’s revenue increased 24% to $1.01 billion as gross bookings advanced 16% from a year earlier to $9.8 billion, primarily on overseas growth. Hotel room night bookings jumped 28%.
Source: http://www.travelweekly.com/Travel-News/Online-Travel/Expedia-reports-Q1-loss/
Note:
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