Expedia Group ( NASDAQ: EXPE ) stock slid sharply in Thursday’s extended session after Q3 bookings came up well short of analyst estimates.
For the third quarter, the Seattle-based travel booking platform notched record quarterly revenue of $3.62B and $4.05 in adjusted earnings per share. Analysts had anticipated $3.59B and $4.13, respectively.
“The third quarter marked another period of robust travel demand despite the uncertain macroeconomic environment,” CEO Peter Kern said. “We delivered strong financial performance with record quarterly revenue and adjusted EBITDA, which exceeded $1B for the first time. These results reflect our emphasis on driving topline growth while improving margins.”
However, $23.99B in gross bookings for the quarter fell well short of the $25.1B consensus estimate. Amid an uncertain macroeconomic backdrop, the metric appeared to attract much of the attention, much akin to Airbnb only a day earlier.
Shares of Expedia fell 7.85% after hours, adding to a 3% decline during the day’s trading.
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Expedia stock slides as bookings fall short of expectations