Shares of online travel agency Expedia Group Inc. (NASDAQ: EXPE) surged 10.10% in the pre-market session on Friday, following the company's impressive fourth-quarter earnings report and an optimistic outlook for the travel industry.
The Seattle-based company reported better-than-expected fourth-quarter results, with revenue of $3.18 billion, surpassing analysts' estimates of $3.07 billion. Adjusted earnings per share came in at $2.39, exceeding the consensus estimate of $2.04. Expedia's adjusted EBITDA of $643 million also exceeded expectations of $570.9 million.
Expedia's strong performance was driven by robust travel demand, particularly in the international market. The company reported a 12% year-over-year increase in booked room nights, reaching 86.4 million for the quarter. Gross bookings grew by an impressive 13% to $24.4 billion, reflecting the strong demand for travel services.
Ariane Gorin, CEO of Expedia Group, highlighted the company's execution and the better-than-expected travel demand, stating, "Our fourth quarter results exceeded our expectations and reflect continued strong execution and better-than-expected travel demand. All three of our core consumer brands achieved bookings growth, and we further accelerated growth in our B2B business."
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