Expedia Group Inc (NASDAQ:EXPE) reported a narrower-than-expected loss for its third quarter, while sales exceeded views.
For the third quarter of 2020, total gross bookings decreased 68%. Declines across our lodging, air and other travel products all moderated compared to the second quarter, with lodging bookings benefiting from year-over-year growth at Vrbo in the third quarter.
Total revenue decreased 58%, from $1,504 million from $3,558 million in the prior-year quarter. The year-over-year revenue decline improved in July compared to June and further moderated sequentially in August and September. Expedia Group's Retail segment revenue declined 52% in the quarter and B2B segment revenue declined 72%. The slower decline in Retail segment revenue reflects the benefit from growth at Vrbo, while the B2B segment was impacted by the slower recovery for corporate travel demand.
Operating income of $609 million in the prior-year quarter evaporated into a loss of $113 million.
Said CEO Peter Kern. "Despite the challenges of COVID, our teams continue to do great work to accelerate important long-term strategic priorities, including driving efficiency across the company and evolving our tech and data platforms to deliver value-added products and services to our customers and partners.
"While it will take a more fulsome rebound in travel before we will see the effect of many of these improvements, I am confident that we have made and will continue to make great strides to reshape our business and the industry during this challenging time."
EXPE leaped $7.60, or 7.7%, to $106.10.
