Why Expedia Stock Fell 16% This Week
Expedia (NASDAQ: EXPE) shareholders lost ground to a declining market this week. Shares fell 16% through Thursday trading compared to a 6% slump in the S&P 500, according to data provided by S&P Global Market Intelligence. The drop added to significant losses for the travel booking specialist, whose shares are down over 45% so far in 2022.
It was powered by rising investor concerns about the scale of a potential pullback in consumer spending on the way.
Expedia's most recent earnings update didn't inspire much confidence from investors. Gross bookings were down 10% in the month of April, management said in May, as inflation and slowing economic growth delayed the vacation travel rebound that many investors were hoping to see.
Source Fool.com
