Why Expedia Stock Declined Today
Shares of Expedia (NASDAQ: EXPE) have declined today, down by 1% as of 12:20 p.m. EDT, after the online travel booking company reported first-quarter results. The stock was down as much as 6% in morning trading but has since recovered some of those losses.
Revenue in the first quarter came in at $2.21 billion, slightly ahead of the $2.13 billion in sales that analysts were expecting. That translated into an adjusted net loss of $258 million, or $1.83 per share, a substantial miss compared to the $1.37 per share in adjusted net losses that Wall Street was looking for. Gross bookings fell 39% to $17.9 billion due to the novel coronavirus pandemic.
Image source: Expedia.
Source Fool.com
