Trending: Workday buys Trusted Key in first exit for Seattle’s Kernel Labs, and a proof point for startup studios isn’t the only big tech company that’s decided to cut into profits in order to invest in technology.  Expedia, the giant Bellevue online travel agency, said today that its operating income slumped nine percent during the first quarter as it invested in “next generation technology” and international operations.

Like, Expedia’s revenues continued to increase. The company posted $822 million in revenue, a 15 percent increase. Gross bookings also jumped 10 percent.

The earnings report is of interest in part because Expedia recently announced plans to spin off its TripAdvisor unit into a separate publicly-traded company.

That unit continues to do well, with a 32 percent increase in third-party revenue during the quarter. TripAdvisor said that revenue — which came in at $148 million — grew in cost per click, display advertising and subscription-based revenue.

Expedia’s leisure business, on the other hand, grew 12 percent to $686 million.

Cash, cash equivalents, restricted cash and short-term investments totaled $1.8 billion at the end of the quarter.

Full earnings report can be found here.

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