Record bookings for Expedia
Expedia has reported record gross bookings for the first quarter ended March 31.
Bookings rose 20% from $4,924.1 in the first quarter of 2007 to $5,902.5 this year.
CEO and President Dara Khosrowshahi said: “While 2008 continues to present an uncertain economic backdrop, Expedia remains focused on investing in our leadership position to drive growth in long-term free cash flow and shareholder value.”
In North America, bookings increased 15%, while Europe bookings increased 34%, or 25% excluding the net benefit from foreign exchange.
Other bookings, mainly Expedia Corporate Travel and Expedia’s Asia Pacific operations, increased by 31%.
Overall revenue increased 25% for the first quarter, primarily driven by increased worldwide merchant hotel revenue and advertising and media revenue.
North America revenue increased 22%, Europe revenue increased 33% (23% excluding foreign exchange) and other revenue increased 38%.
Worldwide merchant hotel revenue increased 22% due to a 23% increase in room nights stayed, offset slightly by a 1% decrease in revenue per room night.
Worldwide air revenue increased 18% due to an 11% increase in air tickets sold and a 6% increase in revenue per air ticket.
Worldwide revenue from products and services other than merchant hotel and air, including advertising and media, car rentals, destination services, agency hotel and cruises, increased 39% for the first quarter due primarily to increased advertising and media revenues and car rental revenues.
Package revenue increased 13% primarily due to higher package gross bookings worldwide.
Gross profit for the first quarter of 2008 was $536 million, an increase of 25% compared with the first quarter of 2007, due to increased revenue.
By:Bev Fearis
Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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