Expedia books higher revenue and more bookings but worldwide air revenue declines.
Online travel agency Expedia reported a 4.8 percent decline in its third quarter profit, sending its stock down 15.4 percent..
For the three months ended Sept. 30, Bellevue-based Expedia had a profit of $94.8 million, or 33 cents a share, down from $99.6 million, or 32 cents a share, a year ago.
Excluding one-time items, the company’s profit was $118.3 million, or 39 cents a share. Analysts surveyed by Thomson Reuters expected a per-share profit of 40 cents.
“Yes, it’s a difficult environment, but that’s everyone’s news, and for travel any predictions about its depth or duration would be foolish,” Chairman Barry Diller said in a statement.
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Expedia’s total revenue for the quarter rose 9.7 percent to $833.3 million from $759.6 million a year ago.
The company said gross bookings increased 7 percent, but worldwide air revenue declined 7 percent due to a drop in air tickets sold and the per-ticket amount.
Shares of Expedia closed down $1.85 at $10.15 today.
Amy Martinez: 206-464-2923 or email@example.com