Expedia Group Stock Travels Higher After Q3 Results, Share Repurchase Announcement

Expedia Group, Inc. EXPE shares are trading higher after the company reported better-than-expected third-quarter financial results on Thursday and announced a $5 billion share repurchase authorization.

The Details: Expedia Group reported adjusted earnings of $5.41 per share, beating the analyst consensus estimate of $4.93 per share. The company also reported quarterly revenue of $3.929 billion, beating the consensus estimate of $3.857 billion.

Expedia reported quarterly booked room nights were up 9% year-over-year and reiterated its fiscal year guidance of double-digit topline growth.

Expedia Group also announced that its board of directors has approved a $5 billion share repurchase authorization of the company’s common stock, which is effective immediately and is in addition to the company’s currently outstanding share repurchase authorization.

Peter Kern, CEO of Expedia Group, said, "Our strong third quarter results with record revenue and profitability came in ahead of our guidance and reflect the resilience of travel demand and continued improvements stemming from the execution of our strategy."

"Our B2B business continues to demonstrate strong year-over-year revenue growth, while more importantly, our B2C revenue growth accelerated over 400 basis points sequentially."

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EXPE Price Action: According to Benzinga Pro, shares are up by 8.6% after hours at $103.00 at the time of publication.

Image: Stefan Schweihofer from Pixabay