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Expedia Reports Larger Loss And Suspends Dividends As Coronavirus Affects Travel

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Expedia reported a larger-than-expected loss in the first quarter as coronavirus stay-at-home directives weighed heavily on the travel industry.

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Expedia’s latest cost-cutting initiative suspends its quarterly dividend by at least 34 cents until the current economic and operating environment improves.

The company said in a results conference call that conditions were improving as cancellations stabilized and blockages eased, which increased shares in prolonged trading.

Teleprinter	security	Latest	Change	Change%
EXPE	EXPEDIA GROUP, INC.	79.58	+3.23	+ 4.23%

Expedia on Wednesday announced a loss of $ 1.3 billion in the first quarter.

Per share, the Seattle-based company reported a loss of $ 9.24. The losses, adjusted for non-recurring costs and stock option charges, amounted to $ 1.83 per share.

The average estimate of nine analysts polled by Zacks Investment Research was for a loss of $ 1.24 per share.

“Like all travel agencies, the Expedia group has suffered a sharp drop in activity since the start of COVID-19. Fortunately, we were ahead of the game by implementing cost reduction measures earlier this year, and with the added pressure of COVID-19, we accelerated and expanded our ambition to improve our cost structure to long term, “said Vice President and Chief Executive Officer Peter Kern. “We have also raised significant additional capital to further strengthen our liquidity position as we navigate this disruption and position the company for recovery.”

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The online travel company posted sales of $ 2.21 billion during the period, which exceeded Street forecasts.

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