Expedia Group reported revenue in the first quarter that jumped 80%, in line with analysts’ estimates, and signaled a strong summer travel season after two years of pent-up demand.
Revenue was $2.25 billion in the first three months of the year, according to a statement from the Seattle-based company. Expedia, which hosts reservations for traditional lodging like hotels and short-term rentals on its Vrbo platform, and provides access to pricing for airlines, hotels and car rental companies, reported gross bookings of $24.4 billion, compared with analysts’ projections for $24.5 billion.
“The pent up demand seems to be outweighing anything the market can throw at it and we’re feeling very good about a summer recovery that should be very robust,” CEO Peter Kern said on a call with analysts after the results.
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