Expedia Group Revenue Jumps As Travel Recovery Continues
According to Expedia Group’s latest earnings report, the company’s total gross bookings and total revenue both increased significantly in the first quarter this year. Gross bookings for the three months ending March 31, 2022 were $24.4 billion, up 58% compared to last year and down only 17% compared to pre-pandemic levels. Revenue for the period was $2.2 billion, a jump of 81% from this time last year.
Expedia Group says the increase in lodging revenue in Q1 2022 compared to the same period in 2021 was driven by a significant increase in room nights stayed across hotels and alternative accommodations as well as average daily rate. Air revenue increased because of an increase in tickets sold as air travel demand improved compared to the first quarter of 2021.
Expedia Group vice chairman and CEO Peter Kern says that despite concerns over COVID and the war in Ukraine, he’s pleased with the quarter. “We continue to see strong demand coming back, continue to see efficiencies with the business. We went into the quarter with Omicron looming and expected that to have some impact early in the quarter, which it did. We’re very pleased that demand came back post-Omicron and lived up to our expectations that it was the shortest wave.”
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