Expedia Gains on 'Solid Results' but Analysts Warn Lodging Bookings are Slowing By Investing.com

Expedia Gains on 'Solid Results' but Analysts Warn Lodging Bookings are Slowing

Stock Markets Aug 05, 2022 08:02AM ET

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Expedia Gains on 'Solid Results' but Analysts Warn Lodging Bookings are Slowing

By Senad Karaahmetovic

Shares of Expedia (NASDAQ:EXPE) are up more than 5% in premarket trading on Friday after the company reported better-than-expected Q2 results.

Expedia reported Q2 adjusted EPS of $1.96, compared to a loss per share of $1.13 in the year-ago period, and above the consensus estimates of $1.53 per share. Revenue came in at $3.18 billion, up 51% YoY and topping the analyst consensus of $2.99 billion.

Lodging revenue stood at $2.40 billion, beating the analyst estimates of $2.21 billion. Gross bookings totaled $26.14 billion, while analysts were expecting $26.07 billion. Expedia reported $79.1 million in Stayed Room Nights, missing the consensus projection of $87.5 million.

A Piper Sandler analyst said that Q2 results were “slightly better than expected”.

“Lodging bookings cadence through July suggest a deceleration, but we like management's focus on driving customer LTV. Urban appears to be improving substantially, while US & EMEA long-haul remains suppressed. We upgraded EXPE to OW driven by a return to lodging and strong US travel. Our thesis remains intact,” he said.

An analyst from Mizuho cut the price target on EXPE stock to $132 from $172 to reflect lower estimates amid slowing lodging bookings.

“We expect the next focus is FY23 and macro uncertainties that could cause consumers to trade down or reduce high-ASP categories such as travel. Therefore, we view Street revenue growth of 14% YoY in FY23 aggressive compared to our new forecast of 10%. Extrapolating into longer-term, we lower our FY24E EBITDA by ~10% to $3.1bn,” he wrote in a note.

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