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Expedia's Q1 2022 results reflect continued recovery.
The momentum is expected to continue as international travel restrictions ease. International tourism has yet to reach pre-pandemic levels but is expected to within the next year or two.
Near term risks are from rising inflation, particularly in core North American markets. Long term risks are from the entry of tech giants such as Google.
A strategic shift with more focus on service quality and lesser focus on volumes could be a differentiator amid stiffening competition from tech giants.