By Dhirendra Tripathi
Investing.com – Expedia (NASDAQ:EXPE) stock plummeted over 9% Friday as the company's chief executive said “the road to full travel recovery remains bumpy until more of the world is vaccinated” after the company delivered a quarterly loss that more than halved from last time.
Just as travel, tourism and entertainment businesses were clawing back, a resurgent virus, mainly the delta variant, has led to fresh lockdowns in various parts of the world. Countries are resorting to vaccine passports and clamping down on travel. Governments are also considering booster doses.
Net loss in the June quarter was $301 million compared to a $753-million loss in the same quarter of last year.
Revenue also quadrupled, coming in at $2.11 billion, up 273% from $566 million. Gross bookings jumped 667% to $20.81 billion as people looked to travel and made more bookings to fly and stay at hotels after a year of being stuck at home due to the pandemic.
Booking (NASDAQ:BKNG) trends for lodging, air, and other travel products all improved sequentially from the first quarter of 2021, the company said. Both Retail and B2B segment revenue increased which the company attributed to continued improvement in leisure travel trends during the quarter.
Lodging revenue increased and was driven by more room nights stayed and growth in revenue per room night. Revenue per room night benefited from higher average daily rates.
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