When you buy through our links, Insider may earn an affiliate commission. Learn more
02.11.2023 - 23:30 / skift.com / Dennis Schaal / Peter Kern
Expedia Group has been consumed with, and weighed down by, launching a new loyalty program and transitioning its three core brands — Expedia, Hotels.com and Vrbo — to a common tech platform. But now those tasks are behind it.
“Instead of spending most of the year doing surgery on our own business, we will be focused on growth, innovation and efficiency,” CEO Peter Kern said during Expedia’s third-quarter earnings call Thursday.
Kern said he expects Vrbo to increase its market share in vacation rentals because of the loyalty program, which for the first time enables Expedia customers to earn and burn Expedia cash on vacation rental bookings, and the tech migration.
For example, he said, Expedia.com offers stays in multi-unit apartment buildings that weren’t available on Vrbo, but the tech migration will enable Vrbo customers to book those, as well.
The Maui wildfires adversely impacted Vrbo’s results, as did the tech migration, but Expedia Group’s consumer business saw revenue increase 400 basis points sequentially in the third quarter based on the company’s strength in hotels, said Chief Financial Officer Julie Whalen.
Expedia’s business-to-business segment, which powers travel for airlines, banks and retail businesses, is already the largest in the online travel industry. That segment saw revenue increase 26% in the third quarter to $995 million. It signed on Walmart as a partner during the quarter.
Whalen said the company is confident enough “to reiterate our full year guidance of double-digit top line growth with margin expansion.”
Expedia Group posted strong third-quarter results in both its business-to-business and business-to consumer segments as it announced record revenue and profitability on an adjusted basis.
The company reported $425 million in third-quarter net income, which was a 12% decline from a year earlier. However, the company notched adjusted net income of $778 million, which it said was its highest for any quarter.
Revenue rose 9% to $3.9 billion, also a quarterly record.
Room nights grew an unimpressive 9% to 89.3 million, although Kern said the Vrbo tech migration, as well as the tragedy in Maui, dampened Vrbo’s performance. In contrast, Airbnb’s nights and experiences booked climbed 14% in the third quarter, and Booking Holdings’ jumped 15%.
“With the last of our major migrations behind us, we are now well positioned to further accelerate our business and drive stronger shareholder returns,” Kern said in a statement. “To that end, we have completed a record $1.8 billion in share repurchases year-to-date and have a new $5 billion share repurchase authorization from our board.”
What am I looking at? The performance of travel tech sector stocks within the ST200. The index
When you buy through our links, Insider may earn an affiliate commission. Learn more
People who are eager to experience travel adventures around the globe have many options, but they will stick with products that are user-friendly and offering high value. Now serving more than five million customers each year, FlightHub’s growth journey traces back to its founders’ dedication to innovation in the travel technology space, persistence in a competitive sector, and a diverse talent force focused on collaboration and success.
Only 8% of U.S. tourism boards strongly prioritize addressing climate change and reducing greenhouse gas emissions to zero. In contrast, 62% of European tourism boards and 29% of Canadian tourism boards have made it a top priority. That’s according to Sojern’s “State of Destination Marketing 2024.”
Travelers heading to the Punta Cana Princess can now experience even more while at the resort.
Airfare to popular international leisure destinations should cost less this winter and next summer than a year ago as carriers add capacity, the CEO of Canada’s WestJet Airlines told Reuters on Wednesday.
The beautiful winning images of the 2023 international Nature Photographer of the Year contest celebrating the beauty of nature photography were unveiled at an awards ceremony that took place at the annual Nature Talks Photo Festival in the Netherlands.
Air Canada — which is now facing accusations of mistreating disabled passengers — once left the wheelchair of Canada's top accessibility officer behind on a cross-country flight.
Alaska Airlines continues to grow its Portland hub, introducing a new flight from Oregon’s capital to Nashville.
The return of North American flights to Asia-Pacific is accelerating heading in to 2024, as carriers bet on the region as the next source of high-margin revenue at a time of soaring costs.
An undercover investigation has documented a disabled Air Canada's nightmare journey, including the moment her ventilator got disconnected and a lift hit her on the head.
An 83-year-old father died on a long-haul Air Canada flight from India to Toronto — but he might still be alive if the crew had listened to his family's desperate pleas and diverted the plane when he began having health problems, his grieving daughter told Insider.
For those seeking an unforgettable winter experience, New Brunswick, Canada, just a stone's throw from Maine, offers a captivating range of unconventional cold-weather activities. Imagine wandering through ice caves straight out of a fairy tale, soaring above snow-covered treetops on a zipline, peacefully ice fishing on a frozen river, or racing through a winter wonderland on a dog sled. New Brunswick is the perfect destination for adventurous travelers looking to break free from the typical and immerse themselves in a unique world of outdoor winter delights. Here are five of the best winter activities in New Brunswick, Canada.