Expedia's Q1 Results Driven by Cost Savings, Higher Bookings on Elevated Demand, Wedbush Says
02:14 PM EDT, 05/07/2021 (MT Newswires) -- Expedia's (EXPE) solid quarter was driven by cost savings, better-than-expected margins and an increase in gross bookings amid accelerating demand trends post lockdown, particularly in the US, as more people get vaccinated, Wedbush said in a Friday note.
However, full rebound to travel demand akin to pre-pandemic levels is "still likely years away," according to analysts.
Revenue for Q1 was $1.25 billion, down from $2.21 billion a year ago but ahead of consensus estimates for $1.11 billion on gross bookings that topped forecasts. Sequentially, gross bookings improved to a decline of 20% in March from a decline of 40% in January, led by strong demand in the US.
Wedbush maintained Expedia's outperform rating and $190 price target.
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