Travel booking giant Expedia came up short of revenue estimates for the first quarter of the year, sending the stock down as much as 5 percent in after-hours trading.
Revenue: The Bellevue, Wash.-based company brought in $2.6 billion in sales vs. $2.69 billion expected. Revenues were up 4 percent from the same quarter last year when the company reported $2.5 billion in sales.
Earnings: Expedia lost $0.27 per share, versus an expected loss of $0.38 per share. Expedia reported a loss of $0.46 per share in the same quarter last year.
Gross bookings: Gross bookings, which represents what customers spent across rooms, flights and other travel across Expedia’s brands, increased eight percent year-over-year to $29.4 billion from $27.2 billion. Domestic bookings grew 11 percent, versus 4 percent internationally. Expedia said the foreign exchange rate dragged on international bookings and revenue.
The company now has more than 1.1 million properties on its core lodging platform, including 460,000 listings from home rental subsidiary Vrbo. Bookings on the core platform were up 9 percent; Vrbo bookings saw a 5 percent spike from last year.
Expedia is preparing to move into a new Seattle waterfront headquarters next fall. The campus will house 5,000 people and feature a “biophilic design,” which involves connecting people and nature to increase physical and mental well-being through views of the water, mountains and open office spaces with plenty of natural light.
The company is also currently locked in a legal battle with United Airlines. Expedia alleged in a lawsuit that United locked the company out of fare data as part of a contract dispute.