Expedia (NASDAQ:EXPE) earnings for first quarter of 2020 have EXPE stock on the move after-hours Wednesday. That comes even after reporting adjusted losses per share of $1.83, which misses Wall Street’s estimate for a loss of $1.04. Its revenue of $2.21 billion also comes in below analysts’ estimates of $2.29 billion.
Here’s a more thorough examination of the current Expedia earnings report.
- Adjusted per-share losses are 577% wider than a 27-cent loss from the same time last year.
- Revenue for the quarter comes in 15% lower compared to $2.61 billion in Q1 2019.
- Operating loss of $1.29 billion is 888% worse year-over-year from a loss of $131 million.
- The Expedia earnings report also has net loss coming in at $1.38 billion.
- That’s a 1,280% decline from the company’s net loss of $100 million in the same period of the year prior.
Peter Kern, vice chairman and CEO of Expedia, said this in the first-quarter earnings report:
“Like all travel companies, Expedia Group suffered a major reduction in business since the onset of COVID-19. Fortunately, we were ahead of the game having implemented cost savings measures earlier this year, and with the added pressure from COVID-19 we accelerated and expanded our ambition on improving our long-term cost structure.”
Expedia doesn’t discuss guidance in its current earnings report. That makes sense with the novel coronavirus causing chaos for the economy. Plenty of other companies are withholding guidance during the pandemic.
EXPE stock was up 3.8% after-hours Wednesday. It was also up 4.2% at the end of normal trading hours.
As of this writing, William White did not hold a position in any of the aforementioned securities.
