Expedia reported $2.6 billion in revenue for the second quarter of 2017, an 18 percent increase over the same period last year. The Bellevue, Wash. based travel giant reported adjusted earnings of 89 cents per share, beating analysts expectations.
Expedia’s gross bookings, including accommodations booked through HomeAway, increased 12 percent year-over-year to $22.8 billion. The company reported net income of $56.7 million (36 cents per share), a 79 percent improvement over the second quarter of 2016.
Here are the results from Expedia’s financial release:
Expedia’s second quarter of 2017 is an improvement over the first. During Q1, the company narrowly missed analysts’ expectations, reporting $2.2 billion in revenue. The company’s HomeAway unit, which competes with Airbnb, saw revenue increase for the quarter 31 percent to $224 million.
The HomeAway acquisition pitted Expedia against Airbnb in the short-term rental space for the first time. Based on Expedia CEO Dara Khosrashawi’s comments during the Q2 earnings call, the company has big plans for its Airbnb competitor.
“One of our very significant growth opportunities over the next five years with HomeAway is to expand internationally,” he said, adding “Our focus has been mostly domestic this year and you can expect our focus to turn from domestic to growing the international markets.”
Expedia also reported that it recognized $10 million in restructuring charges as part of an overall plan to “centralize and optimize certain operations as well as migrate technology platforms.” It finished the quarter with $3.8 billion in cash, cash equivalents, and short-term investments
Expedia made headlines today for more than just earnings. The company announced plans to invest $350 million into Indonesian travel site Traveloka, in an effort to gain a foothold in the Southeast Asia Market.
“We are incredibly excited to have Traveloka as an even closer partner,” Khosrashawi said on the earnings call. “They’ve really performed exceptionally well and in a relatively short period of time, have established themselves as a real leader in Indonesia.”
During Q2, Expedia also completed its majority stake acquisition of Silverrail, a technology platform that helps travelers book and manage their train trips in the U.K.
“SilverRail has a great opportunity ahead as a standalone enterprise and has done a terrific job building rail technology,” Khosrashawi said on the earnings call.
Expedia operates more than a dozen travel brands, including Egencia, Hotels.com, Hotwire, Travelocity, and Orbitz.