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Expedia exceeds Street projections on record hotel reservations

Photo: Expedia

On Thursday, Expedia Group Inc. (EXPE.O) exceeded Wall Street projections for first-quarter revenue on record lodging reservations and rising international travel demand.

After-hours trade boosted business shares by 4.3%.

“The first quarter saw strong travel demand driven by increasing international travel, major city travel, and the reopening in Asia,” Expedia Group CEO Peter Kern said.

Gross bookings grew 20% to 29.4 billion.

The Expedia.com and Hotel.com operator’s adjusted first-quarter loss of 20 cents per share missed analysts’ projections of 4 cents.

The online booking company’s first-quarter sales jumped 18% to $2.7 billion, above analysts’ average expectation of $2.6 billion.

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