Expedia Group Inc Reports Second Quarter 2024 Financial Results
Intellectia.AI Updated: 1970-01-01
Expedia Group, Inc. Reports Second Quarter 2024 Financial Results
Expedia Group, Inc. (NASDAQ: EXPE) announced its financial results for the second quarter ended June 30, 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 | QoQ Comparison | YoY Comparison | Consensus Estimate (Q2 2024) |
|---|---|---|---|---|---|
| Total Revenue | $3.60B | $3.40B | +6% | +6% | $3.53B |
| Earnings Per Share (EPS) | $3.06 | $2.90 | +5.52% | +5.52% | $3.06 |
| Net Income | $386M | $365M | +5.75% | +5.75% | N/A |
| Adjusted Net Income | $469M | $450M | +4.22% | +4.22% | N/A |
| Adjusted EBITDA | $786M | $748M | +5.08% | +5.08% | N/A |
| Adjusted EBIT | $475M | $440M | +7.95% | +7.95% | N/A |
Interpretation: Expedia Group's second quarter financial performance was robust, with revenue and key earnings metrics showing significant year-over-year and quarter-over-quarter growth. The company's revenue of $3.60 billion exceeded Wall Street consensus estimates of $3.53 billion, and earnings per share (EPS) met the consensus estimate at $3.06. This indicates a strong operational performance despite a challenging macro environment noted for future periods.
Revenue Performance Across Major Segments
| Segment | Q2 2024 Revenue | Q2 2023 Revenue | Comparison |
|---|---|---|---|
| Gross Bookings | $28.8B | $27.17B | +6% |
| Lodging | $20.7B | $19.16B | +8% |
| B2B Revenue | $1.0B | $0.82B | +22% |
Interpretation: All major segments reported healthy growth. Gross bookings increased by 6% to $28.8 billion, driven largely by an 8% increase in the lodging segment, which comprised primarily hotel bookings. The B2B segment also experienced substantial growth, increasing by 22% to $1.0 billion, indicating strengthened partnerships and expanded offerings.
Comments from Company's Officers
Ariane Gorin, CEO of Expedia Group, stated, "Our second quarter results came in at the high end of our expectations, with gross bookings and revenue growing 6%. We're pleased with our momentum and the sequential improvement in our consumer brands. However, in July, we have seen a more challenging macro environment and a softening in travel demand. We are therefore adjusting our expectations for the rest of the year."
Dividends and Share Repurchase Program
Expedia Group repurchased approximately 9.2 million shares for $1.2 billion year-to-date, reflecting a commitment to returning value to shareholders.
Forward Guidance
The company noted a more challenging macro environment and a softening in travel demand as of July, prompting a downward adjustment in expectations for the rest of the year.
Stock Price Movement
Following the earnings release, Expedia Group’s stock experienced a 1.45% increase, indicating positive investor sentiment despite cautious forward guidance.
Expedia Group continues to demonstrate robust financial health, leveraging strong operational performance and strategic investments to navigate an evolving market landscape.
For more information, visit Expedia Group Investor Relations .
