Press release
Expedia Group Reports Second Quarter 2024 Results
Posts double-digit room night growth Drove 3 points of sequential acceleration in gross bookings growth to 6% SEATTLE--(BUSINESS WIRE)-- Expedia Group, Inc.
About this update from Expedia Group, Inc.
[{"type":"text","content":"\nPosts double-digit room night growth\n\n\nDrove 3 points of sequential acceleration in gross bookings growth to 6%\n\n\n SEATTLE--(BUSINESS WIRE)--\nExpedia Group, Inc. (NASDAQ: EXPE) announced financial results today for the second quarter ended June 30, 2024.\n\n\n“Our second quarter results came in at the high end of our expectations, with gross bookings and revenue growing 6%. We're pleased with our momentum and the sequential improvement in our consumer brands. However, in July, we have seen a more challenging macro environment and a softening in travel demand. We are therefore adjusting our expectations for the rest of the year,” said Ariane Gorin, CEO of Expedia Group.\n\n\nSecond Quarter Highlights\n\n\n\nTotal gross bookings were $28.8 billion, an increase of 6% compared to 2023.\n\n\n\nLodging gross bookings were $20.7 billion, an increase of 8% compared to 2023. Hotel bookings were up 11% compared to 2023.\n\n\n\nRoom nights growth accelerated to +10% with Brand Expedia at nearly 20% growth. Total room nights grew at the fastest rate since the first quarter of 2023.\n\n\n\nRevenue at $3.6 billion grew 6% compared to 2023. B2B revenue was $1.0 billion, an increase of 22% compared to 2023.\n\n\n\nNet income was $386 million and adjusted net income was $469 million. Adjusted EBITDA was $786 million, an increase of 5% with 15 basis points of margin contraction compared to 2023. Adjusted EBIT was $475 million, an increase of 8% with 21 bps of margin expansion compared to 2023.\n\n\n\nRepurchased approximately 9.2 million shares for $1.2 billion year-to-date.\n\n\n\nFinancial Summary & Operating Metrics (In millions except per share amounts)\n\n\n\n\n \n\n\n\n\n\n\nExpedia Group, Inc.\n\n\n\n\n\n\n\n\nMetric\n\n\n\n\n\n\nQ2 2024\n\n\n\n\n\n\nQ2 2023\n\n\n\n\n\n\nΔ Y/Y\n\n\n\n\n\n\n\n\nBooked room nights\n\n\n\n\n\n\n98.9\n\n\n\n\n\n\n89.7\n\n\n\n\n\n\n10%\n\n\n\n\n\n\n\n\nGross bookings\n\n\n\n\n\n\n$28,837\n\n\n\n\n\n\n$27,321\n\n\n\n\n\n\n6%\n\n\n\n\n\n\n\n\nRevenue\n\n\n\n\n\n\n$3,558\n\n\n\n\n\n\n$3,358\n\n\n\n\n\n\n6%\n\n\n\n\n\n\n\n\nOperating income\n\n\n\n\n\n\n$451\n\n\n\n\n\n\n$443\n\n\n\n\n\n\n2%\n\n\n\n\n\n\n\n\nNet income attributable to Expedia Group, Inc.\n\n\n\n\n\n\n$386\n\n\n\n\n\n\n$385\n\n\n\n\n\n\n—%\n\n\n\n\n\n\n\n\nDiluted earnings per share\n\n\n\n\n\n\n$2.80\n\n\n\n\n\n\n$2.54\n\n\n\n\n\n\n10%\n\n...